Supports and Resistances for August 28, 2007

Hi All,
It was a boring day yesterday with not much action till the US session. The traders expected the existing home sales to lead to action but it came in as expected. The stock market fell yesterday and this led to a good retracement in the crosses. It should be an interesting day today. The lower time frames are pointing downwards but the 4H is still bullish. It is a bit confusing now and the best thing to do (if you are not sure what to do ) is to wait for the London markets to open. They usually favor the European currencies and with them coming back after a holiday, we might see the crosses rise or they might choose to go with the current trend. We need to wait and see. Below are the supports and resistances for the JPY crosses for today :-

USDJPY - Important support at 115.55. If that is broken, next support is at 115.25 which is a very strong support and the final major support is at 114.82. On the topside, the resistance is at 116.00 and then at 116.40.

EURJPY - Important support at 157.64. If that is broken, next support is at 157.05 and the final major support is at 156.25. On the topside, the resistance is at 157.80 and then at 158.41.

GBPJPY - Important support at 232.00. If that is broken, next support is at 231.37 and the final major support is at 230.80.On the topside, the resistance is at 232.33 and then a major resistance at 233.50.

Happy Trading!!!