Supports and Resistances for September 21, 2007

Hi All,

Well, a typical day yesterday with the crosses full of confusion on which direction they need to go. This has been typical for the crosses for the past 2 mnths. Long gone are the days of massive trends when all you need to do was place a trade in the direction of the trend and just sit back and enjoy the profits. Even if they went against your trade a bit, you would always know that they would eventually come back. Nowadays, the crosses are full of short term trends which last only for 2-3 days at a time and you need to think on your feet to keep adjusting your trades according to the trend. Literally, a nightmare for long term traders. I, for one, truly believed that a direction would emerge once the rate announcement was made but that does not seem to be the case. As for today, i believe it would be a good day for longs but today is a Friday and no one really knows what would happen on a Friday. Lets see though. Below are the supports and resistances for the JPY crosses:-

USDJPY - Important support at 114.85. If that is broken, next support is at 114.45 which is a very strong support and the final major support is at 114.05. On the topside, the resistance is at 115.25 and then at 115.65.

EURJPY - Important support at 161.40. If that is broken, next support is at 160.85 and the final major support is at 160.48. On the topside, the resistance is at 162.10 and then at 162.60.

GBPJPY - Important support at 230.55. If that is broken, next support is at 229.65 and the final major support is at 228.90.On the topside, the resistance is at 231.30 and then a major resistance at 231.90.

GBPUSD - Important support at 2.0069. If that is broken, next support is at 2.0004 and the final major support is at 1.9963.On the topside, the resistance is at 2.0135 and then a major resistance at 2.0176.

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Happy Trading!!!