Supports and Resistances for August 9, 2007

Hi all,

How was that??!! For so many days, the crosses were ranging and it was yesterday that i said that it would be good for longs and they all rose like a phoenix..the GJ had a 400 pip rise. Apart from that the crosses also had a nice retracement back to the 38.2% fib of their last fall late in the US session. The 400 pip rise in the GJ indicated that there would be a retracement sometime before the next rise up and this retracement came late in the US session. With that retracement and the subsequent rise, i think the crosses are ready for a move updwards though all the crosses are near very big resistances right now. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 119.45. If that is broken, next support is at 119.00 which is a very strong support and the final major support is at 118.70. On the topside, the resistance is at 119.85 and then at 120.15.

EURJPY - Important support at 164.85. If that is broken, next support is at 164.50 and the final major support is at 164.05. On the topside, the resistance is at 165.40 and then at 165.70.

GBPJPY - Important support at 243.72. If that is broken, next support is at 242.90 and the final major support is at 242.30. On the topside, the resistance is at 244.07 and then a major resistance at 244.75.

Happy Trading!!!