Supports and Resistances for July 5, 2007

Hi all,
Well, today is indeed the D day and everyone expects a lot of volatility in the crosses especially GBPJPY. The day has started slow so far but as the day progresses, expect more and more volatility to step in. Which direction would it go? Your guess is as good as mine. This time i would not predict but rather watch the market and then decide which way i want to go. I suggest that others also wait for the decision and see how the market reacts before jumping in.Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 122.66. If that is broken, next support is at 122.22 which is a very strong support and the final major support is at 121.70. On the topside, the resistance is at 123.05 and then at 123.45.

EURJPY - Important support at 166.80. If that is broken, next support is at 166.45 and the final major support is at 166.05. On the topside, the resistance is at 167.20 and then at 167.45.

GBPJPY - Important support at 247.15. If that is broken, next support is at 246.85 and the final major support is at 246.15. On the topside, the resistance is at 247.70 and then a major resistance at 248.20.

Happy Trading !!!