Supports and Resistances for August 22, 2007

Hi All,

Phew..Yesterday was a very choppy day for trading. Except for those who are masters at scalping, it would have been very difficult for anyone to make much money yesterday. Though the range for the day was good and high as well, there was no sense of direction to the movement. Swing traders rely on trends to develop so that they can trade in the direction of the trend, but yesterday the crosses were moving up and down repeatedly with no sense of direction screwing up the indicators as well. Just take out a chart of yesterday and see the price movement as well as how the indicators responded to that and then u will understand what i mean. So unless, you are good at scalping (which very few are), pls stay out of the market until a good trend develops. The market would be great for longs in September and i suggest that you all save up your money for that period and not waste it now.
Below are the supports and resistances for the JPY crosses for today :-

USDJPY - Important support at 114.05. If that is broken, next support is at 113.72 which is a very strong support and the final major support is at 113.25. On the topside, the resistance is at 114.84 and then at 115.60.

EURJPY - Important support at 153.50. If that is broken, next support is at 153.10 and the final major support is at 152.40. On the topside, the resistance is at 154.23 and then at 154.65.

GBPJPY - Important support at 226.56. If that is broken, next support is at 225.25 and the final major support is at 224.60.On the topside, the resistance is at 226.92 and then a major resistance at 228.13.

Happy Trading!!!