Supports and Resistances for July 4, 2007

Hi all,
The crosses had a nice round trip yesterday when they went up a lot and then they finally settled back to where they started from. Today, the crosses seem primed for a breakout on the topside. My system also shows that GBPCHF will also have a run up from the current level by atleast 40-50 pips. The rate decision for the BOE is scheduled for tomorrow and that should add to the volatility. No major news is going to be released today and hence fundamentally there will be no change but technicals point to the upside. Lets see what happens.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 !!!