Supports and Resistances for August 3, 2007

Hi all,

Another up and down day with the prices for all crosses being caught in a range. The longs seem to be favored now but there needs to be a breakout from the range to confirm any trend, long or short. The crosses have a tendency to respect the fibos a lot and sometimes they respect it too much and stay within the ranges. Yesterday, it was also noticed that not only the crosses, but the major pairs were also within specified ranges and it was only during the end of the day that the GU and the other majors managed to have a small breakout and they carried along the crosses with them. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 119.14. If that is broken, next support is at 118.90 which is a very strong support and the final major support is at 118.50. On the topside, the resistance is at 119.32 and then at 119.56.

EURJPY - Important support at 163.28. If that is broken, next support is at 162.63 and the final major support is at 162.00. On the topside, the resistance is at 163.50 and then at 164.06.

GBPJPY - Important support at 242.15. If that is broken, next support is at 240.80 and the final major support is at 240.10. On the topside, the resistance is at 243.05 and then a major resistance at 244.20.

Happy Trading!!!