Supports and Resistances for July 10, 2007

Hi all,

The crosses had a nice up down roundabout run yesterday with the bias being to the longside. Today, as of this writing, the crosses have again had a nice rectracement. I feel that this is consolidation of the previous rise in all the yen crosses and we would again see a rise in the crosses today. The Japanese Governor is slated to make a speech tomorrow and so probably till he speaks, the euphoria over the crosses would be tempered. But the bias is towards the longs. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 123.05. If that is broken, next support is at 122.70 which is a very strong support and the final major support is at 122.30. On the topside, the resistance is at 123.44 and then at 123.75.

EURJPY - Important support at 167.55. If that is broken, next support is at 167.20 and the final major support is at 166.50. On the topside, the resistance is at 168.20 and then at 168.85.

GBPJPY - Important support at 248.15. If that is broken, next support is at 247.68 and the final major support is at 247.30. On the topside, the resistance is at 248.55 and then a major resistance at 248.85.

Happy Trading !!!