Supports and Resistances for June 5, 2007

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

USDJPY - Important support at 121.65. If that is broken, next support is at 121.50 which is a very strong support and the final major support is at 121.26. On the topside, the resistance is at 121.88 and then at 122.10.

EURJPY - Since this pair ended up virtually unchanged from yesterday, supports and resistances remain almost the same. Important support at 164.05. If that is broken, next support is at 163.67 and the final major support is at 163.30. On the topside, the resistance is at 164.30 and then at 164.60.

GBPJPY - Important support at 242.20. If that is broken, next support is at 241.80 and the final major support is at 241.45. On the topside, the resistance is at 242.65 and then a major resistance at 242.90.

The Chinese stock market is yet to open as of this writing. There is scheduled meeting for bankers and all those people and what they say might change the market in a big way. So watch out today!!

As said yesterday, wait till the price comes near a support (or resistance) and then buy (or sell) near that point. Have a SL of max 30 pips because if a support (or resistance) is broken, the price then goes down (or up) till the next support (or resistance) and then there would be no point holding on to the losing position. You might as well use that money which you would lose, to buy (or sell) some other position and make up for that loss easily.

Good Luck!!