Supports and Resistances for October 1, 2007

Hi All,

I am back after a week when my system went pop. Now i have replaced my system with a new one and am back on. The past week was a nice ranging week and i do expect the coming week to be so as well. But there are some huge news coming out this week and it could swing the carry trades in either way. The Tenkan got released today and i expected it to have a huge impact but it seems to have fizzled out. Now the other major news is the GB rate announcement with conflicting expectations in the market about it. There are some who expect it to be unchanged but at the same time, there are rumors going around about a rate cut. I personally dont feel that there would be a rate cut but the GB bank is used to springing up surprises and they are also known to be very dynamic. With Fed, usually the ones who spring the least surprises, themselves cutting rates by 0.5, anything could happen with the GB bank. Lets see though.

Below are the supports and resistances for the JPY crosses:-

USDJPY - Important support at 114.65. 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 115.08 and then at 115.65.

EURJPY - Important support at 163.88. If that is broken, next support is at 163.45 and the final major support is at 163.05. On the topside, the resistance is at 164.15 and then at 164.60.

GBPJPY - Important support at 234.25. If that is broken, next support is at 232.85 and the final major support is at 232.00.On the topside, the resistance is at 235.20 and then a major resistance at 236.00.

GBPUSD - Important support at 2.0385. If that is broken, next support is at 2.0273 and the final major support is at 2.0203.On the topside, the resistance is at 2.0496 and then a major resistance at 2.0566.

If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com.

Happy Trading!!!