Weekly Watch: August 12 to 16, 2013

Don’t you just love the smell of pips in the morning? I sure do! That’s why I’m starting my day with these fine charts on EUR/JPY, GBP/JPY, and EUR/GBP! Ain’t nothin’ like doing your pre-market routine to start the week!

EUR/JPY

EUR/JPY Hourly Chart

Seller have been in total control of EUR/JPY, and if the 128.00 handle breaks, the pair might just stage another solid drop! I’d keep my eye on that level, if I were you. A bounce off it could lead price back to the 129.50 resistance zone.

  • WO: 128.30
  • Top WATR: 129.88
  • Bottom WATR: 126.72
  • PWH: 131.57
  • PWL: 128.22

GBP/JPY

GBP/JPY Hourly Chart

GBP/JPY has been ranging over the past couple of days, but it looks like it’s giving the 149.00 handle one heck of a test. A break below this level might lead price back down to 148.00 while a bounce could see the pair return to 150.00.

  • WO: 149.10
  • Top WATR: 150.88
  • Bottom WATR: 147.32
  • PWH: 151.55
  • PWL: 147.61

EUR/GBP

EUR/GBP Hourly Chart

Now that the pair is trading below .8600, the next level to break is .8580. It was a very strong support and resistance level in the past, so traders will be watching it closely.

  • WO: .8605
  • Top WATR: .8662
  • Bottom WATR: .8548
  • PWH: .8732
  • PWL: .8578

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