Supports and Resistances for September 19, 2007

Hi All,
Well, a great day yesterday with the biggest surprise being the fact that the usually conservative Fed turned radical and cut the interest rates by 50 basis points rather than the expected 25 basis points. This has provided a fillip for the stock markets and hence they flew yesterday and the flight has continued with the Japanese stock market as well. Now we need to wait for the small matter of the Japanese rate statement, which i expect would not change anything, to get out of the way before we continue the upward journey in the crosses. But the cut in the interest rates is not good for the dollar and so i expect the EU and the GU to continue their upward journey. Below are the supports and resistances for the JPY crosses:-

USDJPY - Important support at 115.65. If that is broken, next support is at 115.15 which is a very strong support and the final major support is at 114.80. On the topside, the resistance is at 116.03 and then at 116.40.

EURJPY - Important support at 161.25. If that is broken, next support is at 160.90 and the final major support is at 160.00. On the topside, the resistance is at 162.10 and then at 162.60.

GBPJPY - Important support at 232.80. If that is broken, next support is at 232.00 and the final major support is at 231.20.On the topside, the resistance is at 233.60 and then a major resistance at 234.32.

GBPUSD - Important support at 2.0053. If that is broken, next support is at 1.9950 and the final major support is at 1.9885.On the topside, the resistance is at 2.0156 and then a major resistance at 2.0221.

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