Supports and Resistances for September 18, 2007

Hi All,

So, as predicted, the crosses went down yesterday and today, for most of the day, the crosses should be ranging else it would go down. I do not see the crosses going very high from this point. Also, i do not expect the Fed to do much more than cut the rates by 0.25 which would again disappoint the markets. All in all, everything looks set for a drop in the crosses along with a big drop in GU as well. This is something which i am saying thru my gut feel though i could have taken the safe route and not predicted anything cos in this market, nothing is for sure. Anyway, all in all, it should be a good week for trading as todays rate announcement should atleast give a short term direction.Below are the supports and resistances for the JPY crosses:-

USDJPY - Important support at 114.80. If that is broken, next support is at 114.60 which is a very strong support and the final major support is at 114.35. On the topside, the resistance is at 115.03 and then at 115.30.

EURJPY - Important support at 159.10. If that is broken, next support is at 158.65 and the final major support is at 158.25. On the topside, the resistance is at 159.65 and then at 160.10.

GBPJPY - Important support at 228.10. If that is broken, next support is at 227.20 and the final major support is at 226.56.On the topside, the resistance is at 228.90 and then a major resistance at 230.00.

GBPUSD - Important support at 1.9872. If that is broken, next support is at 1.9807 and the final major support is at 1.9745.On the topside, the resistance is at 1.9914 and then a major resistance at 1.9981.

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