Sunday, August 19, 2007

Supports and Resistances for August 20, 2007

Hi All,
Hope you guys had a nice weekend. The past week saw some of the best volatility that the crosses have ever seen and expect almost similar volatility this week as well as the market tries to reevaluate various things and slowly begins to settle down. My guess is that the market would start to settle down sometime next week. Today, i would like to stick my neck out and say that it would be good for the longs and who knows, as far as GJ is concerned, we might reach 230 by today. Lets see though.
Below are the supports and resistances for the JPY crosses for today :-

USDJPY - Important support at 114.02. If that is broken, next support is at 113.61 which is a very strong support and the final major support is at 112.40. On the topside, the resistance is at 114.87 and then at 115.60.

EURJPY - Important support at 152.95. If that is broken, next support is at 151.51 and the final major support is at 150.60. On the topside, the resistance is at 155.15 and then at 156.18.

GBPJPY - Important support at 225.00. If that is broken, next support is at 221.80 and the final major support is at 220.75.On the topside, the resistance is at 226.55 and then a major resistance at 228.10.

Happy Trading!!!

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