Supports and Resistances on July 06, 2007

Hi all,
As updated in the commentary yesterday, there was not too much volatility in the crosses yesterday as the rate hikes were offset by good data out of the USA. Today i feel that it would be a good day for the long in the crosses. The crosses seem to be caught in tight ranges and they are waiting for a breakout. Lets hope that the breakout would be on the long side.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 167.00. If that is broken, next support is at 166.80 and the final major support is at 166.40. 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 !!!