Supports and Resistances for July 16, 2007

Hi all,
Quiet start to the new week with the holiday in Japan. So not much activity over the next few hours and the real trading would start with the open of the London session. The crosses look strong at the open today but they really need to break through the tight ranges that they are in for the last week for them to go even higher. Unless the range is broken on the upside soon, then we run the risk of losses. I believe that this week would be good for the longs on the crosses as usual. But there is quite a lot of important news being released from GB this week and these may tend to drag the GU and hence the GJ as well. These should make this an interesting. Lets see.Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 121.88. If that is broken, next support is at 121.40 which is a very strong support and the final major support is at 121.10. On the topside, the resistance is at 122.66 and then at 123.40.

EURJPY - Important support at 167.98. If that is broken, next support is at 167.57 and the final major support is at 167.18. On the topside, the resistance is at 168.36 and then at 168.80.

GBPJPY - Important support at 247.75. If that is broken, next support is at 247.40 and the final major support is at 246.88. On the topside, the resistance is at 248.44 and then a major resistance at 248.89.

Happy Trading !!!