Supports and Resistances for June 28, 2007

Hi all,

The crosses have had a wild day so far in the past 6 hours. They broke thru many resistances and rose up a lot but as of this writing they seem to have corrected back again to a great extent. Data out of Japan was bad today and so i think the crosses have begun their next leg up. There will be a retracment as we are seeing now but i think those are just that, retracements. I feel that today will be good for longs. Lets see though.Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 122.70. If that is broken, next support is at 122.35 which is a very strong support and the final major support is at 122.00. On the topside, the resistance is at 123.40 and then at 123.85.

EURJPY - Important support at 165.20. If that is broken, next support is at 164.65 and the final major support is at 164.10. On the topside, the resistance is at 165.65 and then at 166.25.

GBPJPY - Important support at 245.30. If that is broken, next support is at 244.70 and the final major support is at 244.05. On the topside, the resistance is at 246.15 and then a major resistance at 246.85.

Happy Trading !!!