Hi All,
So, as expected, the crosses did rise today though a bit sooner than i thought. I thought that the rise would begin once the rate statement has been made but it looks as though that it chose to do it a bit sooner. The longs seem to be very strong now and the momentum seems to be on the upper side. But a word of caution though. I was looking at my charts and the charts indicate a dip. But the fundamentals are usually stronger than the technicals and as the fundamentals differ a bit from the technicals, it is better to \wait for the resistances to be broken or for the news to get released before entering into the market. Patience is the key here. There are always pips to be made both long and short. So there is no hurry. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.84. If that is broken, next support is at 115.50 which is a very strong support and the final major support is at 114.90. On the topside, the resistance is at 116.02 and then at 116.40.
EURJPY - Important support at 157.00. If that is broken, next support is at 156.40 and the final major support is at 155.40. On the topside, the resistance is at 157.83 and then at 158.35.
GBPJPY - Important support at 230.44. If that is broken, next support is at 229.66 and the final major support is at 228.54.On the topside, the resistance is at 231.23 and then a major resistance at 234.25.
Happy Trading!!!
Wednesday, August 22, 2007
Tuesday, August 21, 2007
Supports and Resistances for August 22, 2007
Hi All,
Phew..Yesterday was a very choppy day for trading. Except for those who are masters at scalping, it would have been very difficult for anyone to make much money yesterday. Though the range for the day was good and high as well, there was no sense of direction to the movement. Swing traders rely on trends to develop so that they can trade in the direction of the trend, but yesterday the crosses were moving up and down repeatedly with no sense of direction screwing up the indicators as well. Just take out a chart of yesterday and see the price movement as well as how the indicators responded to that and then u will understand what i mean. So unless, you are good at scalping (which very few are), pls stay out of the market until a good trend develops. The market would be great for longs in September and i suggest that you all save up your money for that period and not waste it now.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 114.05. If that is broken, next support is at 113.72 which is a very strong support and the final major support is at 113.25. On the topside, the resistance is at 114.84 and then at 115.60.
EURJPY - Important support at 153.50. If that is broken, next support is at 153.10 and the final major support is at 152.40. On the topside, the resistance is at 154.23 and then at 154.65.
GBPJPY - Important support at 226.56. If that is broken, next support is at 225.25 and the final major support is at 224.60.On the topside, the resistance is at 226.92 and then a major resistance at 228.13.
Happy Trading!!!
Phew..Yesterday was a very choppy day for trading. Except for those who are masters at scalping, it would have been very difficult for anyone to make much money yesterday. Though the range for the day was good and high as well, there was no sense of direction to the movement. Swing traders rely on trends to develop so that they can trade in the direction of the trend, but yesterday the crosses were moving up and down repeatedly with no sense of direction screwing up the indicators as well. Just take out a chart of yesterday and see the price movement as well as how the indicators responded to that and then u will understand what i mean. So unless, you are good at scalping (which very few are), pls stay out of the market until a good trend develops. The market would be great for longs in September and i suggest that you all save up your money for that period and not waste it now.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 114.05. If that is broken, next support is at 113.72 which is a very strong support and the final major support is at 113.25. On the topside, the resistance is at 114.84 and then at 115.60.
EURJPY - Important support at 153.50. If that is broken, next support is at 153.10 and the final major support is at 152.40. On the topside, the resistance is at 154.23 and then at 154.65.
GBPJPY - Important support at 226.56. If that is broken, next support is at 225.25 and the final major support is at 224.60.On the topside, the resistance is at 226.92 and then a major resistance at 228.13.
Happy Trading!!!
Monday, August 20, 2007
Supports and Resistances for August 21, 2007
Hi All,
So yesterday did indeed turn out to be good for the longs as expected. I would say that today also it would be good for the longs and the price of GJ for example should reach around 231 today. There are huge resistances in between (as specified below and these need to be broken for it to reach the specified targets. All these do not mean that the carry trades are going to resume and that everything is going to be fine with them. After touching the specified targets, there could again be a correction in the crosses sometime later this week and maybe the beginning of next week and the big rise would start either during the end of August or the beginning of September. Next month would be a good month for the longs in the crosses. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 114.75. If that is broken, next support is at 114.04 which is a very strong support and the final major support is at 113.50. On the topside, the resistance is at 115.57 and then at 115.80.
EURJPY - Important support at 154.68. If that is broken, next support is at 153.70 and the final major support is at 153.10. On the topside, the resistance is at 155.66 and then at 156.28.
GBPJPY - Important support at 227.60. If that is broken, next support is at 226.50 and the final major support is at 225.00.On the topside, the resistance is at 229.40 and then a major resistance at 231.10.
Happy Trading!!!
So yesterday did indeed turn out to be good for the longs as expected. I would say that today also it would be good for the longs and the price of GJ for example should reach around 231 today. There are huge resistances in between (as specified below and these need to be broken for it to reach the specified targets. All these do not mean that the carry trades are going to resume and that everything is going to be fine with them. After touching the specified targets, there could again be a correction in the crosses sometime later this week and maybe the beginning of next week and the big rise would start either during the end of August or the beginning of September. Next month would be a good month for the longs in the crosses. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 114.75. If that is broken, next support is at 114.04 which is a very strong support and the final major support is at 113.50. On the topside, the resistance is at 115.57 and then at 115.80.
EURJPY - Important support at 154.68. If that is broken, next support is at 153.70 and the final major support is at 153.10. On the topside, the resistance is at 155.66 and then at 156.28.
GBPJPY - Important support at 227.60. If that is broken, next support is at 226.50 and the final major support is at 225.00.On the topside, the resistance is at 229.40 and then a major resistance at 231.10.
Happy Trading!!!
Sunday, August 19, 2007
Supports and Resistances for August 20, 2007
Hi All,
Hope you guys had a nice weekend. The past week saw some of the best volatility that the crosses have ever seen and expect almost similar volatility this week as well as the market tries to reevaluate various things and slowly begins to settle down. My guess is that the market would start to settle down sometime next week. Today, i would like to stick my neck out and say that it would be good for the longs and who knows, as far as GJ is concerned, we might reach 230 by today. Lets see though.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 114.02. If that is broken, next support is at 113.61 which is a very strong support and the final major support is at 112.40. On the topside, the resistance is at 114.87 and then at 115.60.
EURJPY - Important support at 152.95. If that is broken, next support is at 151.51 and the final major support is at 150.60. On the topside, the resistance is at 155.15 and then at 156.18.
GBPJPY - Important support at 225.00. If that is broken, next support is at 221.80 and the final major support is at 220.75.On the topside, the resistance is at 226.55 and then a major resistance at 228.10.
Happy Trading!!!
Hope you guys had a nice weekend. The past week saw some of the best volatility that the crosses have ever seen and expect almost similar volatility this week as well as the market tries to reevaluate various things and slowly begins to settle down. My guess is that the market would start to settle down sometime next week. Today, i would like to stick my neck out and say that it would be good for the longs and who knows, as far as GJ is concerned, we might reach 230 by today. Lets see though.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 114.02. If that is broken, next support is at 113.61 which is a very strong support and the final major support is at 112.40. On the topside, the resistance is at 114.87 and then at 115.60.
EURJPY - Important support at 152.95. If that is broken, next support is at 151.51 and the final major support is at 150.60. On the topside, the resistance is at 155.15 and then at 156.18.
GBPJPY - Important support at 225.00. If that is broken, next support is at 221.80 and the final major support is at 220.75.On the topside, the resistance is at 226.55 and then a major resistance at 228.10.
Happy Trading!!!
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