Weekly Watch: April 22 to 26, 2013

The question on everyone’s mind is whether the Miami Heat have what it takes to go back to back and start a streak of championships. Personally, I’m looking to extend my winning streak of my own. Hopefully, I can rack up a third week of wins with help from my Weekly Watch.

Without further ado, here are this week’s charts on EUR/JPY, GBP/JPY, and EUR/GBP.

EUR/JPY

EUR/JPY Hourly Chart

For a while, it looked as though sellers were starting to take control of EUR/JPY, but late last week, buyers made their comeback and pushed price back above 130.00. Personally, I think the BOJ’s monetary policy will keep the yen under selling pressure, so I’ll be looking for retracements possibly around the bottom WATR. But I’m not ruling out a possible reversal around the 131.00 handle.

  • WO: 130.59
  • Top WATR: 132.57
  • Bottom WATR: 128.61
  • PWH: 130.26
  • PWL: 124.99

GBP/JPY

GBP/JPY Hourly Chart

I’m basically looking at the same thing on GBP/JPY, except the area of 152.50 will serve as my potential turning point. For retracements, the 151.00 major psychological handle looks like a probable sweet spot, since it held as both resistance and support last week.

  • WO: 152.05
  • Top WATR: 154.07
  • Bottom WATR: 150.03
  • PWH: 152.54
  • PWL: 146.50

EUR/GBP

EUR/GBP Hourly Chart

EUR/GBP has been limited to sideways action, so I’ll still be looking to play resistance around .8600 (old school resistance, baby!) or at the previous week high. Down south, I’ll look for buyers to step in at around .8500, just as they did last week.

  • WO: .8589
  • Top WATR: .8657
  • Bottom WATR: .8521
  • PWH: .8638
  • PWL: .8503

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  • Stephen Stefanski

    Terms you use. You use the terms WO, Top Watr, Bottom Watr, PWH, PWL. Could you tell me where to find the meanings.

  • James Anthony Hateley

    ok this is appalling you are using h1 charts as a ‘weekly watch’. my god you guys are good friends with the brokers aren’t you

  • laila

    i sold at 126.66 e/y pair….nw em in loss…shud i wait for its dropping

    • cyclopip

      What setup were you looking at, mate?