Supports and Resistances for August 30, 2007

Hi All,

Lol. So the trend changes again. This is a nightmare for long term traders and a dream come true for swing traders and scalpers. The market does not seem to know which direction it has to go. On the one hand, the technicals and the fundamental rate difference favor the longs. On the other hand, there are the sub prime issues and others which favor the shorts and the market does not know what to do. Each news and each statement is being studied closely to see which of these is more serious. This would continue through till September when the news with regard to August (which was when the sub prime issues cropped up) would get released and that would tell us the true picture of how serious this issue is. Also, with rate cuts and hikes expected, things would start becoming clear next month. Till then, this kind of trading would continue. As for today, let me stick my neck out and say that today is a day for longs. So bulls can enjoy and traders can hunt with the bulls. Below are the supports and resistances for the JPY crosses for today :-

USDJPY - Important support at 115.63. If that is broken, next support is at 115.39 which is a very strong support and the final major support is at 114.84. On the topside, the resistance is at 116.29 and then at 116.86.

EURJPY - Important support at 157.81. If that is broken, next support is at 157.03 and the final major support is at 156.25. On the topside, the resistance is at 158.59 and then at 159.12.

GBPJPY - Important support at 232.81. If that is broken, next support is at 232.06 and the final major support is at 231.25.On the topside, the resistance is at 234.38 and then a major resistance at 235.94.

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Happy Trading!!!