Supports and Resistances for August 29, 2007

Hi All,

So we are back to being bearish again. The tide seems to have turned yesterday and we had a good huge correction yesterday. How long would this go, whether it is short term or long term, no one can really say but there does not seem to be any news on the horizon which would change the fundamental picture drastically anytime soon. It is a tough thing to trade for the long term investors. The crosses were usually the ones which had a nice long trends going in one direction or the other but now we see them switching trends every week which would be tough on them. But this kind of volatility is a dream for swing traders and scalpers. So all those traders out there, join the bears and enjoy your trades. The main idea of trading is to trade what you see and go along with the markets rather than try and outgues it. If the market falls, go with it, if it rises, go with it as well.

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

USDJPY - Important support at 113.64. If that is broken, next support is at 113.15 which is a very strong support and the final major support is at 112.50. On the topside, the resistance is at 114.03 and then at 114.70.

EURJPY - Important support at 154.40. If that is broken, next support is at 153.20 and the final major support is at 151.90. On the topside, the resistance is at 155.10 and then at 156.20.

GBPJPY - Important support at 226.90. If that is broken, next support is at 225.10 and the final major support is at 224.10.On the topside, the resistance is at 228.05 and then a major resistance at 229.74.

Happy Trading!!!