Supports and Resistances for June 21, 2007

Hi all,
So as predicted yesterday in this blog, 166.10 proved to be a very strong resistance for EJ. A short there would have yielded 50 pips by now. Now is the time to wait and watch the pricer action. All crosses(as ofthis writing) are at important supports with the Chinese stock exchange about to open. Will have to wait and see whether there is further retracement. If there is, we could buy on dips. For now, lets wait and watch.Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 123.42. If that is broken, next support is at 123.20 which is a very strong support and the final major support is at 123.00. On the topside, the resistance is at 123.70 and then at 123.90.

EURJPY - Important support at 165.25. If that is broken, next support is at 164.85 and the final major support is at 164.40. On the topside, the resistance is at 165.65 and then at 165.92.

GBPJPY - Important support at 246.10. If that is broken, next support is at 245.40 and the final major support is at 244.70. On the topside, the resistance is at 246.60 and then a major resistance at 247.20.

Happy Trading !!!