Supports and Resistances for July 20, 2007

Hi all,
It was a good ranging day yesterday as well and not much of breakout was seen in any of the currency pair. I expected a breakout in either direction in some currency pairs based on the FOMC minutes but that does not seem to have happened. The minutes barely caused a whimper. As for today, there is not much news which would give the push in either direction for the crosses to breakout today. But that being said, midway through the asian session, as of this writing, the crosses seem quite strong, the strongest that they have been at this time all of this week. So it might turn out to be an interesting day with only the GB GDP being the highlight news for the day, which is surprising as Fridays are usually packed with lot of important news. Lets see how the market pans out. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 121.91. If that is broken, next support is at 121.70 which is a very strong support and the final major support is at 121.10. On the topside, the resistance is at 122.27 and then at 122.66.

EURJPY - Important support at 168.36. If that is broken, next support is at 167.95 and the final major support is at 167.55. On the topside, the resistance is at 168.74 and then at 168.96.

GBPJPY - Important support at 250.00. If that is broken, next support is at 249.54 and the final major support is at 249.01. On the topside, the resistance is at 250.48 and then a major resistance at 251.00.

Happy Trading !!!