Weekly Watch: Nov. 11 – 15, 2013

Weekly Watch: Nov. 11 – 15, 2013

The week looks to be much quieter in terms of economic data releases, so here are this week’s must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP to develop some consolidation and range plays!

EUR/JPY

We’re seeing a continued bounce higher in EUR/JPY from last week’s support around 131.23, with the pair currently hanging around the major psychological area around of 133.00. Since the week is light on tier 1 events, support and resistance plays may hold out well. Watch the PWH/top WATR levels to the 134.00 closely as they may draw in sellers.

EUR/JPY 1 hour forex chart

EUR/JPY 1 hour forex chart

  • WO: 132.48
  • Top WATR: 133.76
  • Bottom WATR: 131.21
  • PWH: 133.73
  • PWL: 131.23

GBP/JPY

Like its cousin above, guppy looks to be in consolidation mode, but with a few UK events this week, support & resistance breaks have a higher possibility of occurring. This means this pair may be a little bit trickier to trade, but with momentum currently in favor of a weaker yen, watch 159.00 to the PWH for a break-and-retest scenario.

GBP/JPY 1 hour forex chart

GBP/JPY 1 hour forex chart

  • WO: 158.75
  • Top WATR: 160.19
  • Bottom WATR: 157.31
  • PWH: 159.29
  • PWL: 156.63

EUR/GBP

This pair is clearly in a downtrend thanks to recent positive UK economic data, but we are seeing a pullback to the MaPs level of .8400 (a previous consolidation area). It’ll be prudent with this week’s UK data coming up to go into wait-and-see mode, but for those more slightly aggressive, this area could be the best chance to jump into the downtrend at a better price, IF the trend continues.

EUR/GBP 1 hour forex chart

EUR/GBP 1 hour forex chart

  • WO: .8345
  • Top WATR: .8403
  • Bottom WATR: .8288
  • PWH: .8477
  • PWL: .8299

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