Supports and Resistances for September 17, 2007

Hi All,

Been a bit busy over the last few days and hence could not post. Over the last few days, the crosses have had a nice run up an down which has been the pattern towards the end of the week over the past 2 weeks. The crosses keep going up over the first 3 days of the week and then start going down over the last 2 days. With the Fed rate announcement scheduled for tomorrow, we should finally be able to get some short term direction from tomorrow. As for today, it should be ranging, with a bit of profit taking towards the end of the day as many traders would not want to risk it just before the rate announcement. I personally feel that either the Fed would not cut the rates at all or if at all, would cut it by .25 both of which would disappoint the stock markets and would lead to the stocks and the crosses going down. The Fed is known to be quite conservative and hence this feeling of mine. The market has already priced in a .25% cut and so anything equal or less would lead to a drop.Below are the supports and resistances for the JPY crosses:-

USDJPY - Important support at 115.03. If that is broken, next support is at 114.70 which is a very strong support and the final major support is at 114.40. On the topside, the resistance is at 115.42 and then at 115.70.

EURJPY - Important support at 159.70. If that is broken, next support is at 159.00 and the final major support is at 158.65. On the topside, the resistance is at 160.20 and then at 160.60.

GBPJPY - Important support at 231.22. If that is broken, next support is at 230.40 and the final major support is at 229.65.On the topside, the resistance is at 231.85 and then a major resistance at 232.80.

GBPUSD - Important support at 2.0051. If that is broken, next support is at 2.0009 and the final major support is at 1.9945.On the topside, the resistance is at 2.0117 and then a major resistance at 2.0182.

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