Weekly Watch: April 2 to 6, 2012

First up, how about a round of applause for Kentucky and Kansas for making it to the NCAA Championship game! It wasn’t easy getting past Louisville and Ohio State but they did it! Their success can be attributed to all the hard work and preparation that they put in everyday!

I suppose that all traders can learn a thing or two from them, as successful trading isn’t only about the time actually spent trading, but the work we put in ahead of time as well! That said, check out these smokin’ hot levels on EUR/JPY, GBP/JPY, and EUR/GBP to help you gear up for the trading week ahead!

EUR/JPY

EUR/JPY Hourly Chart

Looks like EUR/JPY has gone back to what it does best – range! The pair seems to be finding resistance around the 111.00 MaPs and support around the 109.00 level. Take note that price has opened near the top of the range. If we start seeing some reversal candlesticks form, it might be time to consider loading up on some short positions.

  • WO: 110.95
  • Top WATR: 112.30
  • Bottom WATR: 109.60
  • PWH: 111.25
  • PWL: 108.77

GBP/JPY

GBP/JPY Hourly Chart

Just like EUR/JPY, GBP/JPY now appears to be trading within a range. As my brotha Big Pippin pointed out in his Daily Chart Art, GBP/JPY has been bouncing between 130.30 and 133.30. I’d wait for resistance to hold at 133.30 before putting up any sell orders. On the other hand, if we do see a solid marubozu candle close above 133.50, I might consider shifting over to the bull camp.

  • WO: 133.03
  • Top WATR: 134.46
  • Bottom WATR: 131.62
  • PWH: 133.40
  • PWL: 130.20

EUR/GBP

EUR/GBP Hourly Chart

Ha! I guess EUR/GBP didn’t have quite enough juice to hit .8400 last week! However, I still think that the .8400 level is worth keeping an eye on, as it also happens to line up closely with the top WATR. On the flip side, I’m also paying attention to bottom WATR, which happens to coincide with support levels from a few weeks back.

  • WO: .8339
  • Top WATR: .8399
  • Bottom WATR: .8279
  • PWH: .8396
  • PWL: .8325

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