Supports and Resistances for August 23, 2007

Hi All,

So, as expected, the crosses did rise today though a bit sooner than i thought. I thought that the rise would begin once the rate statement has been made but it looks as though that it chose to do it a bit sooner. The longs seem to be very strong now and the momentum seems to be on the upper side. But a word of caution though. I was looking at my charts and the charts indicate a dip. But the fundamentals are usually stronger than the technicals and as the fundamentals differ a bit from the technicals, it is better to \wait for the resistances to be broken or for the news to get released before entering into the market. Patience is the key here. There are always pips to be made both long and short. So there is no hurry. Below are the supports and resistances for the JPY crosses for today :-

USDJPY - Important support at 115.84. If that is broken, next support is at 115.50 which is a very strong support and the final major support is at 114.90. On the topside, the resistance is at 116.02 and then at 116.40.

EURJPY - Important support at 157.00. If that is broken, next support is at 156.40 and the final major support is at 155.40. On the topside, the resistance is at 157.83 and then at 158.35.

GBPJPY - Important support at 230.44. If that is broken, next support is at 229.66 and the final major support is at 228.54.On the topside, the resistance is at 231.23 and then a major resistance at 234.25.

Happy Trading!!!