Term sheet To prospectus dated December 1, 2005, prospectus supplement dated December 1, 2005 and product supplement no. 13-I dated March 7, 2006

Term Sheet No. 7 to Product Supplement No. 13-I Registration Statement No. 333-130051 Dated May 1, 2007; Rule 433

Structured Investments		JPMorgan Chase & Co. $ Principal Protected Notes Linked to the U.S. Dollar Index® due May 29, 2009

General

• Senior unsecured obligations of JPMorgan Chase & Co. maturing May 29, 2009*.
• Cash payment at maturity of principal plus the Additional Amount, as described below.
• The notes are designed for investors who seek exposure to any appreciation of the level of the U.S. Dollar Index^®, which measures the performance of the U.S. dollar against each of six major global currencies, over the term of the notes. Investors should be willing to forgo interest payments while seeking full principal protection at maturity.
• Minimum denominations of $1,000 and integral multiples thereof.
• The notes are expected to price on or about May 24, 2007 and are expected to settle on or about May 30, 2007.

• Product supplement no. 13-I dated March 7, 2006:
  http://www.sec.gov/Archives/edgar/data/19617/000089109206000563/e23554_424b2.pdf
  
  
• Prospectus supplement dated December 1, 2005:
  http://www.sec.gov/Archives/edgar/data/19617/000089109205002390/e22885_424b2.txt
  
  
• Prospectus dated December 1, 2005:
  http://www.sec.gov/Archives/edgar/data/19617/000089109205002389/e22923_base.txt

• PRESERVATION OF CAPITAL AT MATURITY — You will receive at least 100% of the principal amount of your notes if you hold the notes to maturity, regardless of the performance of the Index. Because the notes are our senior unsecured obligations, payment of any amount at maturity is subject to our ability to pay our obligations as they become due.
• APPRECIATION POTENTIAL — At maturity, in addition to your principal, for each $1,000 principal amount note you will receive a payment equal to $1,000 x the Index Return x the Participation Rate^†; provided that this payment (the Additional Amount) will not be less than zero.
  ^† The Participation Rate will be determined on the pricing date and will not be less than 300%.
• DIVERSIFICATION OF THE INDEX CURRENCIES — The notes are linked to changes in the value of a group of global currencies (the “Index Currencies”) relative to the U.S. dollar and enable you to participate in potential increases in the value of the U.S. dollar relative to the Index Currencies during the term of the notes. The Index derives its value from a group of currencies which currently include the Eurozone euro, the Japanese yen, the British pound, the Canadian dollar, the Swedish krona and the Swiss franc. Each Index Currency is weighted to reflect the general representation of foreign trade between the United States and each country or region whose currency is included in the Index. The following are the current weightings of the Index Currencies as a percentage of the total value of the Index: Eurozone euro—57.6%; Japanese yen—13.6%; British pound—11.9%; Canadian dollar—9.1%; Swedish krona—4.2%; Swiss franc—3.6%.
• TAXED AS CONTINGENT PAYMENT DEBT INSTRUMENTS — You should review carefully the section entitled “Certain U.S. Federal Income Tax Consequences” in the accompanying product supplement no. 13-I. Subject to the limitations described therein, and based on certain factual representations received from us, in the opinion of our special tax counsel, Davis Polk & Wardwell, the notes will be treated for U.S. federal income tax purposes as “contingent payment debt instruments.” You will generally be required to recognize interest income in each year at the “comparable yield,” as determined by us, although we may not make any payments with respect to the notes until maturity. Interest included in income will increase your basis in the notes. Generally, amounts received at maturity or earlier sale or disposition in excess of your basis will be treated as additional interest income while any loss will be treated as an ordinary loss to the extent of all previous inclusions with respect to the notes, which will be deductible against other income (e.g., employment and interest income), with the balance treated as capital loss, which may be subject to limitations. Purchasers who are not initial purchasers of notes at the issue price should consult their tax advisers with respect to the tax consequences of an investment in the notes, including the treatment of the difference, if any, between such purchasers’ basis in the notes and the notes’ adjusted issue price.
• COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE — We will determine the comparable yield for the notes and will provide such comparable yield, and the related projected payment schedule, in the final term sheet or pricing supplement for the notes, which we will file with the SEC. If the notes had priced April 30, 2007 and we had determined the comparable yield on that date, it would have been an annual rate of 5.08%, compounded semi-annually. The actual comparable yield that we will determine for the notes may be more or less than 5.08%, and will depend upon a variety of factors, including actual market conditions and our borrowing costs for debt instruments of comparable maturities. Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual amount, if any, that we will pay on the notes.

• CURRENCY MARKET RISK — The return on the notes at maturity is linked to the performance of the Index, and will depend on whether, and the extent to which, the Index Return is positive. Any positive Index Return will depend on the aggregate performance of the U.S. dollar relative to the Index Currencies. The value of any currency, including the Index Currencies, may be affected by complex political and economic factors. The value of the U.S. dollar relative to each Index Currency is, at any moment, the result of the interaction between many factors directly or indirectly affecting economic or political developments in the originating country (or countries) of each Index Currency and the United States, including economic and political developments in other countries. Therefore, in calculating the Ending Index Level, increases in the exchange rate of some of the Index Currencies may be moderated, or more than offset, by lesser increases or decreases in the exchange rate of the other Index Currencies. YOU WILL RECEIVE NO MORE THAN THE FULL PRINCIPAL AMOUNT OF YOUR NOTES AT MATURITY IF THE INDEX RETURN IS ZERO OR NEGATIVE.
• THE NOTES MAY NOT PAY AS MUCH AS AN INVESTMENT IN THE INDIVIDUAL INDEX CURRENCIES — You may receive a lower payment at maturity than you would have received if you had invested in the Index or the Index Currencies individually or contracts related to the Index Currencies for which there is an active secondary market. If the Ending Index Level does not exceed the Initial Index Level, the Additional Amount will be zero. Because the Ending Index Level will be calculated based on the Index closing level on a single business day near the end of the term of the notes, the level of the Index at the maturity date or at other times during the term of the notes could be higher than the Ending Index Level. This difference could be particularly large if there is a significant decrease in the level of the Index during the latter portion of the term of the notes or if there is significant volatility in the Index closing level during the term of the notes, especially on dates near the Observation Date.
• CERTAIN BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE NOTES PRIOR TO MATURITY — While the payment at maturity described in this term sheet is based on the full principal amount of your notes, the original issue price of the notes includes the agent’s commission and the cost of hedging our obligations under the notes through one or more of our affiliates. As a result, the price, if any, at which JPMSI will be willing to purchase notes from you in secondary market transactions, if at all, will likely be lower than the original issue price and any sale prior to the maturity date could result in a substantial loss to you. The notes are not designed to be short-term trading instruments. Accordingly, you should be willing to hold your notes to maturity.
• LACK OF LIQUIDITY — The notes will not be listed on any securities exchange. JPMSI intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMSI is willing to buy the notes.
• POTENTIAL CONFLICTS — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent and hedging our obligations under the notes. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes.
• MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES — In addition to the level of the Index on any day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify each other, including:
  • the expected volatility in the Index;
  • the time to maturity of the notes;
  • interest and yield rates in the market generally as well as in the markets of the countries whose currencies are used to calculate the Index;
  • a variety of economic, financial, political, regulatory or judicial events that affect the Index Currencies or economic markets generally and which may affect the Index closing level on any Index Valuation Date;
  • the exchange rate and the volatility of the exchange rate among each of the Index Currencies and the U.S. dollar; and
  • our creditworthiness, including actual or anticipated downgrades in our credit ratings.