Supports and Resistances for August 27, 2007

Hi All,

So another new days today. I expect the volatility to be less toda atleast until the start of the NY session as today is a bank holiday in the UK. But todays news should provide great volatility at the beginning of the NY session with Trichet speaking and also the existing home sales news also to be released. The existing home sales should provide the short term direction as it would be directly related to the interest rates and housing credits problems. I still maintain the stance that the overall direction i bullish though we may have the occasional retracements. All in all, an interesting day ahead.

Below are the supports and resistances for the JPY crosses for today :-

USDJPY - Important support at 116.18. If that is broken, next support is at 115.88 which is a very strong support and the final major support is at 115.60. On the topside, the resistance is at 116.45 and then at 116.80.

EURJPY - Important support at 158.54. If that is broken, next support is at 157.75 and the final major support is at 157.07. On the topside, the resistance is at 159.40 and then at 159.91.

GBPJPY - Important support at 234.50. If that is broken, next support is at 233.60 and the final major support is at 232.80.On the topside, the resistance is at 235.23 and then a major resistance at 236.00.

Happy Trading!!!