Weekly Watch: December 10 to 14, 2012

Now, as much as I love the Pacman, I gotta give props to Juan Manuel Marquez. He came prepared, ready to fight, and made the most of the opportunity given to him!

Even though he was behind on the scorecard and Manny Pacquiao was mostly in control, JMM took advantage of one small mistake by Pacman and made him pay dearly! What a knockout punch!

That is the kind of focus, determination, and preparation that we need to maintain if we wanna tackle the markets successfully!

By doing my Weekly Watch, not only do I come prepared each week, but I also gain more confidence in what I am doing! And when the right opportunity presents itself, you can bet your bottom dollar that I’m going to be ready to strike!

EUR/JPY

EUR/JPY Hourly Chart

It’s all about the hard levels on EUR/JPY this week! If you’re looking for a short entry, keep an eye on the 107.00 MaPs, as it may prove to be support-turned-resistance. Further down, if we do see price break below the 106.00 handle, don’t be surprised if price retests its two-week low near the 105.50 MiPs.

  • WO: 106.29
  • Top WATR: 107.49
  • Bottom WATR: 105.09
  • PWH: 107.90
  • PWL: 106.11

GBP/JPY

GBP/JPY Hourly Chart

If you’re into playing ranges, then Guppy might be the pair for you this week! It appears that the pair has established a new range from 131.70 to 132.80. Observe how price action reacts to these two levels; if we see any reversal candlesticks form, you know what to do! On the flip side, breaks of these levels could open the floodgates for stronger moves to test the top and bottom WATR.

  • WO: 132.25
  • Top WATR: 133.42
  • Bottom WATR: 131.08
  • PWH: 132.92
  • PWL: 131.56

EUR/GBP

EUR/GBP Hourly Chart

After bouncing off major resistance near .8150, EUR/GBP headed straight down and broke through the .8100 mark. The only question is whether this will continue or not! If you’re looking to jump in short, you could try poppin’ on some Fibs to see if they line up with other horizontal levels. On the other hand, if you belong to the bull camp, I’d pay special attention to the week open to see if the bears have enough power to break through. If they are struggling to close below the WO, then it might be time to load up on a long position.

  • WO: .8036
  • Top WATR: .8084
  • Bottom WATR: .7988
  • PWH: .8149
  • PWL: .8045

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