Supports and Resistances for August 2, 2007

Hi all,
Another confusing day with the crosses going here and there and everywhere and finally ending up where they started from. It is a clear sign that the crosses dont seem to know where to go. They try to break down but are being held up by huge supports which keep pushing them back. The trend has again changed downwards but the huge supports need to be broken for them to make any more headway. The more the supports hold, the more likely they are to bounce back. For now, i can see 2-3 times over the last few days that the supports have held. The dollar is also very weak which is what is trying to drag the crosses down. Lets see how long the crosses hold. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 118.75. If that is broken, next support is at 118.45 which is a very strong support and the final major support is at 118.00. On the topside, the resistance is at 119.12 and then at 119.53.

EURJPY - Important support at 161.97. If that is broken, next support is at 161.00 and the final major support is at 160.44. On the topside, the resistance is at 162.50 and then at 163.35.

GBPJPY - Important support at 240.55. If that is broken, next support is at 240.09 and the final major support is at 239.45. On the topside, the resistance is at 241.15 and then a major resistance at 242.20.

Happy Trading!!!