Supports and Resistances for June 4, 2007

Hi,
Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 121.85. If that is broken, next support is at 121.68 and the final major support is at 121.50. On the topside, the resistance is at 122.08 and then at 122.30.

EURJPY - Important support at 163.70. If that is broken, next support is at 163.35 and the final major support is at 163.15. On the topside, the resistance is at 164.10 and then at 164.30 which is also a huge resistance as that has not been broken for a long time.

GBPJPY - Important support at 241.60. If that is broken, next support is at 241.10 and the final major support is at 240.55. On the topside, the resistance is at 241.85 and then a major resistance at 242.20.

With the Shanghai market down a great deal, the bias would be on the downside today. So if one support is broken, watch out for it to touch the next support and likewise with the resistances as well. So watch what the market does carefully and then jump in...Wait for the market to come near a support or resistance and then jump in and you can then have a SL of 15 or 20 pips cos if that support or resistance is broken, there is not much point in holding on to that losing position.

Good Luck today!!!