Hi all,
Its been an awesome week so far with great volatility and wild swinging in both sides. Even small news events seem to shake the market a lot and that is not a good sign. One of the advantages of the forex market has been its liquidity which ensured that the market does not over react to small news events which would give it stability and a bit of predictability. But the last few days, the liquidity seems to have become less which makes the market high volatile and makes it react to small news events, events which would not have caused a 50 pip move about 2 mnths back are now leading to 200 pip moves. Lets hope that this gets blown over soon. Yesterday, was a bad day for longs but with the crosses near their weekly supports, we should see some upmove. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 117.95. If that is broken, next support is at 117.63 which is a very strong support and the final major support is at 117.20. On the topside, the resistance is at 118.70 and then at 119.30.
EURJPY - Important support at 160.90. If that is broken, next support is at 160.20 and the final major support is at 159.50. On the topside, the resistance is at 161.70 and then at 162.50.
GBPJPY - Important support at 238.27. If that is broken, next support is at 237.80 and the final major support is at 237.50. On the topside, the resistance is at 239.03 and then a major resistance at 240.65.
Happy Trading!!!
Thursday, August 9, 2007
Wednesday, August 8, 2007
Supports and Resistances for August 9, 2007
Hi all,
How was that??!! For so many days, the crosses were ranging and it was yesterday that i said that it would be good for longs and they all rose like a phoenix..the GJ had a 400 pip rise. Apart from that the crosses also had a nice retracement back to the 38.2% fib of their last fall late in the US session. The 400 pip rise in the GJ indicated that there would be a retracement sometime before the next rise up and this retracement came late in the US session. With that retracement and the subsequent rise, i think the crosses are ready for a move updwards though all the crosses are near very big resistances right now. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 119.45. If that is broken, next support is at 119.00 which is a very strong support and the final major support is at 118.70. On the topside, the resistance is at 119.85 and then at 120.15.
EURJPY - Important support at 164.85. If that is broken, next support is at 164.50 and the final major support is at 164.05. On the topside, the resistance is at 165.40 and then at 165.70.
GBPJPY - Important support at 243.72. If that is broken, next support is at 242.90 and the final major support is at 242.30. On the topside, the resistance is at 244.07 and then a major resistance at 244.75.
Happy Trading!!!
How was that??!! For so many days, the crosses were ranging and it was yesterday that i said that it would be good for longs and they all rose like a phoenix..the GJ had a 400 pip rise. Apart from that the crosses also had a nice retracement back to the 38.2% fib of their last fall late in the US session. The 400 pip rise in the GJ indicated that there would be a retracement sometime before the next rise up and this retracement came late in the US session. With that retracement and the subsequent rise, i think the crosses are ready for a move updwards though all the crosses are near very big resistances right now. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 119.45. If that is broken, next support is at 119.00 which is a very strong support and the final major support is at 118.70. On the topside, the resistance is at 119.85 and then at 120.15.
EURJPY - Important support at 164.85. If that is broken, next support is at 164.50 and the final major support is at 164.05. On the topside, the resistance is at 165.40 and then at 165.70.
GBPJPY - Important support at 243.72. If that is broken, next support is at 242.90 and the final major support is at 242.30. On the topside, the resistance is at 244.07 and then a major resistance at 244.75.
Happy Trading!!!
Tuesday, August 7, 2007
Supports and Resistances for August 08, 2007
Hi all,
Yesterday was a topsy turvy day with the crosses running up and down. The news from USA got released and so far it looks a bit good for the USD though not entirely so. It should be an interesting day today and we need to watch out for how the markets react to the rate statement yesterday. I personally believe that today would be a good day for longs though i guess many of the traders would be bearish. My indicators show that the time has come for longs though the signals are not confirmed yet. The inflation report is also due out from GB today and that should also put in an interesting euro session today. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 118.75. If that is broken, next support is at 118.55 which is a very strong support and the final major support is at 118.10. On the topside, the resistance is at 118.94 and then at 119.15.
EURJPY - Important support at 163.25. If that is broken, next support is at 162.55 and the final major support is at 161.86. On the topside, the resistance is at 164.10 and then at 164.50.
GBPJPY - Important support at 240.13. If that is broken, next support is at 239.85 and the final major support is at 238.95. On the topside, the resistance is at 240.65 and then a major resistance at 241.25.
Happy Trading!!!
Yesterday was a topsy turvy day with the crosses running up and down. The news from USA got released and so far it looks a bit good for the USD though not entirely so. It should be an interesting day today and we need to watch out for how the markets react to the rate statement yesterday. I personally believe that today would be a good day for longs though i guess many of the traders would be bearish. My indicators show that the time has come for longs though the signals are not confirmed yet. The inflation report is also due out from GB today and that should also put in an interesting euro session today. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 118.75. If that is broken, next support is at 118.55 which is a very strong support and the final major support is at 118.10. On the topside, the resistance is at 118.94 and then at 119.15.
EURJPY - Important support at 163.25. If that is broken, next support is at 162.55 and the final major support is at 161.86. On the topside, the resistance is at 164.10 and then at 164.50.
GBPJPY - Important support at 240.13. If that is broken, next support is at 239.85 and the final major support is at 238.95. On the topside, the resistance is at 240.65 and then a major resistance at 241.25.
Happy Trading!!!
Monday, August 6, 2007
Supports and Resistances for August 07, 2007
Hi all,
The crosses made a good comeback yesterday but still they dont seem to have broken out of the range. I still feel that the shorts would be favored and that the rise which we had seen yesterday was just a retracement rather than a change of trend.Some important news are to be released both from USD and GBP during the course of the week which should make the trading of the crosses quite interesting. But as you can see, it still continues with the range trading with no sight of any breakouts. Yesterday, we saw both the high and low of the range being visited and today we might see some more of the same as well. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 118.36. If that is broken, next support is at 117.95 which is a very strong support and the final major support is at 117.60. On the topside, the resistance is at 118.75 and then at 119.10.
EURJPY - Important support at 163.35. If that is broken, next support is at 162.55 and the final major support is at 161.86. On the topside, the resistance is at 164.10 and then at 164.50.
GBPJPY - Important support at 240.65. If that is broken, next support is at 239.70 and the final major support is at 238.95. On the topside, the resistance is at 241.85 and then a major resistance at 242.30.
Happy Trading!!!
The crosses made a good comeback yesterday but still they dont seem to have broken out of the range. I still feel that the shorts would be favored and that the rise which we had seen yesterday was just a retracement rather than a change of trend.Some important news are to be released both from USD and GBP during the course of the week which should make the trading of the crosses quite interesting. But as you can see, it still continues with the range trading with no sight of any breakouts. Yesterday, we saw both the high and low of the range being visited and today we might see some more of the same as well. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 118.36. If that is broken, next support is at 117.95 which is a very strong support and the final major support is at 117.60. On the topside, the resistance is at 118.75 and then at 119.10.
EURJPY - Important support at 163.35. If that is broken, next support is at 162.55 and the final major support is at 161.86. On the topside, the resistance is at 164.10 and then at 164.50.
GBPJPY - Important support at 240.65. If that is broken, next support is at 239.70 and the final major support is at 238.95. On the topside, the resistance is at 241.85 and then a major resistance at 242.30.
Happy Trading!!!
Sunday, August 5, 2007
Supports and Resistances for August 06, 2007
Hi all,
The crosses seem to be quite weak today and the overall trend seems to be down. But it remains to be seen whether the ranges are broken atleast today. For the last 2 weeks, we have seen the some supports have been very strong and have not been broken yet and so it would be interesting to see whether they are broken today. If they are, then we would be seeing another fresh bout of selling on all the crosses. Lets see. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 117.55. If that is broken, next support is at 117.20 which is a very strong support and the final major support is at 116.50. On the topside, the resistance is at 117.92 and then at 118.55.
EURJPY - Important support at 162.15. If that is broken, next support is at 161.63 and the final major support is at 160.94. On the topside, the resistance is at 162.50 and then at 163.00.
GBPJPY - Important support at 240.07. If that is broken, next support is at 239.10 and the final major support is at 238.30. On the topside, the resistance is at 240.65 and then a major resistance at 241.50.
Happy Trading!!!
The crosses seem to be quite weak today and the overall trend seems to be down. But it remains to be seen whether the ranges are broken atleast today. For the last 2 weeks, we have seen the some supports have been very strong and have not been broken yet and so it would be interesting to see whether they are broken today. If they are, then we would be seeing another fresh bout of selling on all the crosses. Lets see. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 117.55. If that is broken, next support is at 117.20 which is a very strong support and the final major support is at 116.50. On the topside, the resistance is at 117.92 and then at 118.55.
EURJPY - Important support at 162.15. If that is broken, next support is at 161.63 and the final major support is at 160.94. On the topside, the resistance is at 162.50 and then at 163.00.
GBPJPY - Important support at 240.07. If that is broken, next support is at 239.10 and the final major support is at 238.30. On the topside, the resistance is at 240.65 and then a major resistance at 241.50.
Happy Trading!!!
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