Weekly Watch: April 8 to 12, 2013

The crosses went absolute nuts last week! Fortunately, Lady Luck was smiling on me and I was able to catch a big chunk of the massive move on EUR/JPY to start the month. A bit of luck might have played into that win, but I’m certain my prep-work had a hand in it too.

Because of my Weekly Watch, I was able to identify the 119.00 zone as a potential turning point. This just goes to show that it pays to do your homework, kids!

So without further ado, here are this week’s must-watch levels:

EUR/JPY

EUR/JPY Hourly Chart

With the momentum that EUR/JPY has been riding, I think it’s best to stay with a long bias on the pair. I’ll be looking for shallow retracements around the previous week high near the week open, as well as the bottom WATR, where the pair found resistance last week.

  • WO: 127.16
  • Top WATR: 129.13
  • Bottom WATR: 125.19
  • PWH: 127.29
  • PWL: 119.11

GBP/JPY

GBP/JPY Hourly Chart

Ideally, I’d like to catch the pair on a dip to 146.00, but that seems quite a distance away. However, the area around the 150.00 major psychological handle presents a solid confluence zone, as both the previous week high and week open lie within 5 pips of this level. I’ll be looking for signs of interest should price revisit this level.

  • WO: 150.02
  • Top WATR: 152.03
  • Bottom WATR: 148.01
  • PWH: 150.04
  • PWL: 140.39

EUR/GBP

EUR/GBP Hourly Chart

EUR/GBP hasn’t been as active as the yen pairs, so it may just continue consolidating. I’ll be looking for resistance around .8500, while keeping my eye on the previous week low/bottom WATR for potential support.

  • WO: .8477
  • Top WATR: .8548
  • Bottom WATR: .8406
  • PWH: .8522
  • PWL: .8410

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