Supports and Resistances for August 16, 2007

Hi all,

So, the fall continues!! There does not seem to be any great respite for the crosses. Yesterday, there was a rectracment for about 250 pips which was long overdue but by the end of the US session the crosses were back to where they started the day. With this lack of strength, it now looks more likely that there will be a further fall in the crosses. The hourlies are pointing up while the 4H is pointing down which shows that there will be a bit of rectracement before the fall resumes. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 116.40. If that is broken, next support is at 116.20 which is a very strong support and the final major support is at 115.80. On the topside, the resistance is at 116.72 and then at 117.20.

EURJPY - Important support at 156.25. If that is broken, next support is at 155.90 and the final major support is at 155.50. On the topside, the resistance is at 157.05 and then at 157.80.

GBPJPY - Important support at 231.25. If that is broken, next support is at 230.70 and the final major support is at 229.75.On the topside, the resistance is at 232.23 and then a major resistance at 232.80.

Happy Trading!!!