Weekly Watch: December 5 to December 9, 2011

Sorry for the late post, fellas! I think I had a bad batch of bunny ears over the weekend and it kept me out of commission yesterday. Anyway, I’m back and ready to tackle the markets!

In case you missed out last week, I’ve decided to switch up my weekly posts and point out potential key levels on the major cross-currency pairs. Check this post for a breakdown of how it’ll all work.

Ready? Alright, here are the charts and levels to look out for this week!

EUR/JPY

EUR/JPY Hourly Chart

After briefly trading above the 104.80 to 105.00 support and resistance zone, the pair is now trading well below it. We could see some resistance in that area should price bounce higher. Also, the bottom WATR and the PWL could provide some support.

  • WO: 104.75
  • Top WATR: 106.30
  • Bottom WATR: 103.22
  • PWH: 105.70
  • PWL: 103.08

GBP/JPY

GBP/JPY Hourly Chart

This pair has remained range-bound, bouncing between the 121.50 and 122.50 MiPs. A break from either of these levels could signal the start of a stronger move.

  • WO: 121.88
  • Top WATR: 123.34
  • Bottom WATR: 120.44
  • PWH: 122.62
  • PWL: 119.93

EUR/GBP

EUR/GBP Hourly Chart

The pair has traded within a tight range the past couple of weeks and we may see more of the same this week. The PWL and bottom WATR has held as support for nearly a month now. A long in that area could be a good reward-to-risk setup.

  • WO: .8594
  • Top WATR: .8666
  • Bottom WATR: .8518
  • PWH: .8615
  • PWL: .8522