Weekly Watch: August 27 to 31, 2012

Time certainly flies when you’re having fun, doesn’t it? It seems like just yesterday we were ushering in 2012… and now, we’re a week away from the BER months! I can practically hear the Christmas songs already!

Anyway, with the month of August coming to a close, I figured I should make every last second count, so I’m posting my must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP extra early this week. Without further ado, here they are!

EUR/JPY

EUR/JPY Hourly Chart

This little bad boy seems to be in the middle of nowhere at the moment, so I guess I’ll wait until it approaches the 99.00 or the 98.00 major psychological handle (MaPs) before I make my move. These two levels, along with the previous week high (PWH) and previous week low (PWL), were areas of interest in the past, so I’ll be watching them closely for signs of reversals or breakouts.

  • WO: 98.48
  • Top WATR: 99.66
  • Bottom WATR: 97.30
  • PWH: 99.18
  • PWL: 97.73

GBP/JPY

GBP/JPY Hourly Chart

The lower highs on GBP/JPY have got my bear senses tingling. They seem to be signaling weakness in the pair, so it would probably be wise to watch out for a break of last week’s low. On the other hand, if GBP/JPY rallies in the coming days, it could encounter resistance around 125.00 again.

  • WO: 124.39
  • Top WATR: 125.56
  • Bottom WATR: 123.22
  • PWH: 125.52
  • PWL: 124.13

EUR/GBP

EUR/GBP Hourly Chart

An uptrend has formed on EUR/GBP over the past couple of weeks, and it leads me to think that the next couple of days might be bullish for the pair. The .7900 MaPs looks like it’s a nice place to catch a pullback, so I’ll be watching that area closely. Up north, I’ll be on the lookout for a breakout above the PWH.

  • WO: .7913
  • Top WATR: .7965
  • Bottom WATR: .7861
  • PWH: .7934
  • PWL: .7833

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