Supports and Resistances for July 17, 2007

Hi all,
It has been quiet so far this week. No major changes in any of the currency pairs. GU seems to be the most active one making new highs everyday but it seems to be getting ready for a drop. Lot of important news scheduled to be released today both from GB as well as USA and this should make this a very interesting day. I would not like to stick my neck out and say what is going to happen except that we might expect a break in the range trading of the crosses today. The crosses have been within a small range for many days now and it only a matter of time before they break that range. 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 !!!