Supports and Resistances for July 9, 2007

Hi all,

As updated yesterday, the crosses are trading up today so far. The week has started out strong for them and i feel that they would continue to be strong this week and they would reach new highs. Of course, some of the news releases over the week could act as speed breakers but they would cause only minor retracements which should be handled well by the crosses. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 123.45. If that is broken, next support is at 123.05 which is a very strong support and the final major support is at 122.70. On the topside, the resistance is at 123.65 and then at 124.00.

EURJPY - Important support at 168.05. If that is broken, next support is at 167.60 and the final major support is at 167.20. On the topside, the resistance is at 168.40 and then at 168.85.

GBPJPY - Important support at 248.15. If that is broken, next support is at 247.68 and the final major support is at 247.30. On the topside, the resistance is at 248.45 and then a major resistance at 248.85.

Happy Trading !!!