Supports and Resistances for July 03, 2007

Hi all,

Well, the crosses made me look like a fool yesterday, didnt they? Since the Tenkan came in as expected, i thought the trend would be up as fundamentally, there has been no change from last week when the trend was up. But as usual, the crosses have a tendency to make fools of even the best of traders. So all the crosses had a good retracment yesterday and they were supported by the fibos. As for today, i am doubly unsure of what is going to happen but let me once again stick my nect out and say that the crosses would go down today as well though, as of this writing, the crosses seem very strong. So it is better to watch and find the trend before entering into trades.Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 122.22. If that is broken, next support is at 121.80 which is a very strong support and the final major support is at 121.35. On the topside, the resistance is at 122.65 and then at 123.05.

EURJPY - Important support at 166.40. If that is broken, next support is at 166.20 and the final major support is at 165.65. On the topside, the resistance is at 167.00 and then at 167.45.

GBPJPY - Important support at 246.15. If that is broken, next support is at 245.90 and the final major support is at 245.20. On the topside, the resistance is at 246.90 and then a major resistance at 247.70.

Happy Trading !!!