Before I begin, I'd just like to congratulate my boy Bubba Watson for baggin' the green jacket and becoming the 2012 Masters Champion. I knew he'd take the cake the moment I saw his pink driver!

Now on to the good stuff -- this week's must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP! If you take a look at last week's action, I think you'll notice a common theme -- EURO WEAKNESS! Let's see if this will continue this week!

EUR/JPY

EUR/JPY trended down the entire of last week, and it looks like it still has room to fall. The next major support level lies at 106.00, which acted as a major turning point last month. We could see a lot of action here, as it's a potential make-or-break level. To the upside, 107.00 seems like a nice place to short for those looking to get a piece of the downtrend.

• WO: 106.80
• Top WATR: 108.22
• Bottom WATR: 105.38
• PWH: 111.15
• PWL: 106.54

GBP/JPY

Guppy has also been trending down lately, but sellers seem to be stalling at the 129.00 handle. This isn't the first time, either. This level was a major area of interest in February, so we could see major moves occur around this level. Up north, the 130.00 handle could draw attention as it was a support area in the past.

• WO: 129.55
• Top WATR: 131.02
• Bottom WATR: 128.09
• PWH: 133.26
• PWL: 129.15

EUR/GBP

After weeks and weeks of trying, EUR/GBP finally broke below .8300! The question is, will it revisit this level? A pullback could very well see the pair retest this major area of interest. But if sellers continue pushing the pair south, the next stop could be .8200. After all, this market seems particularly attracted to major psychological handles. Need I remind you about .8400 and .8300?

• WO: .8245
• Top WATR: .8305
• Bottom WATR: .8185
• PWH: .8360
• PWL: .8235

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