Supports and Resistances for September 10, 2007

Hi All,
Hope all you guys had a great weekend. This was the weekend for shorts and all those who had shorts open over the weekend should have made good money when the market opened today. Now the market should go up to fill in the weekend gap and once that is completed, it should start going down again. The American session should be very interesting to see if the fall continues or the stocks make a come back today. Today should be a day for the shorts with the retracement accompanying them. I get my S and R using murray maths, history and fibs as well. I give S and R based on the normal daily range for the crosses and there would be occasions when the daily range gets exceeded. At that time a new set of S and R would come into the picture. In other words, the S and R would depend on the price level of the currency pairs.

Since i cannot anticipate huge moves everyday, thats why i cannot give S and R to cover all moves and that is the reason when somedays, the prices go beyond my S and R.

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

USDJPY - Important support at 112.50. If that is broken, next support is at 111.60 which is a very strong support and the final major support is at 110.74. On the topside, the resistance is at 113.15 and then at 114.06.

EURJPY - Important support at 155.41. If that is broken, next support is at 155.00 and the final major support is at 154.14. On the topside, the resistance is at 155.80 and then at 156.69.

GBPJPY - Important support at 229.00. If that is broken, next support is at 228.05 and the final major support is at 226.10.On the topside, the resistance is at 229.70 and then a major resistance at 231.00.

GBPUSD - Important support at 2.0256. If that is broken, next support is at 2.0194 and the final major support is at 2.0155.On the topside, the resistance is at 2.0318 and then a major resistance at 2.0357.

If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com

Happy Trading!!!