Weekly Watch: February 11 to 15, 2013

Except for EUR/GBP, all of our favorite crosses pretty much spent the entire of last week trading within a range. So this week, I’ll be looking to play bounces or breakouts off last week’s support and resistance levels. Check ’em out, homies:

EUR/JPY

EUR/JPY Hourly Chart

The market established a range between 124.00 and 127.00 last week, but right now, it’s hanging just below the range’s support level. If it heads lower, I’ll be looking for opportunities around 123.00, which was an area of interest a couple of weeks ago. However, if the pair closes back above 124.00, then I think it would be wise to trade the pair back up to the top of the range.

  • WO: 123.96
  • PWH: 127.72
  • PWL: 123.43
  • Top WATR: 125.64
  • Bottom WATR: 122.28

GBP/JPY

GBP/JPY Hourly Chart

As choppy as GBP/JPY price action has been, the pair has managed to stay within a 250-pip range. This week, I’ll be keeping an eye on the 147.50 and 145.00 handles.

  • WO: 146.65
  • PWH: 147.98
  • PWL: 144.86
  • Top WATR: 148.21
  • Bottom WATR: 145.09

EUR/GBP

EUR/GBP Hourly Chart

Considering how strongly the pair has sold off in recent days, I think it would be best to trade with momentum this week. That said, I’ll be looking for opportunities to trade retracements, perhaps in the area of the top weekly ATR (WATR) or even around .8550.

  • WO: .8456
  • PWH: .8705
  • PWL: .8446
  • Top WATR: .8517
  • Bottom WATR: .8395

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  • Compare Energy

    EURJPY was likely to go up and will go up however we must keep an close eye on BOJ meeting on thursday which might take the pair down to 123 level again. In the last 2 meeting BOJ has disappointed investors and they are likely to do the same this time again.

    • cyclopip

      Agreed, the uptrend on EUR/JPY still looks intact, but the BOJ rate statement presents a great deal of event risk. Won’t be surprised to see EUR/JPY encounter selling pressure again at around 127.00-127.50.