Weekly Watch: February 13 to 17, 2012

After watching Jeremy Lin lead the Knicks to 5 straight wins, I’m Lin-spired to aim for a winning streak of my own! Let’s see if we can score a Lin… err, I mean a WIN this week with these must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

EUR/JPY Hourly Chart

Looks like risk appetite was on the euro’s side again last week, and the weekend gap up suggests the bullish momentum hasn’t died down. That being the case, I think the previous week high will serve as an area of interest once more. On the downside, if you’re looking for a potential support area to play, I think the area of 102.00 could serve your purpose as price reacted well to this level last week.

  • WO: 102.45
  • Top WATR: 103.76
  • Bottom WATR: 101.14
  • PWH: 103.30
  • PWL: 99.85

GBP/JPY

GBP/JPY Hourly Chart

GBP/JPY appears to be ranging between 122.00 and 123.00, so I would look for potential plays around these levels this week, especially since the previous week high is just a few pips above the 123.00 handle.

  • WO: 122.30
  • Top WATR: 123.46
  • Bottom WATR: 121.14
  • PWH: 123.18
  • PWL: 120.48

EUR/GBP

EUR/GBP Hourly Chart

The .8400 major psychological handle is the clear level to keep an eye on this week. It’s been a major resistance level since late in December, and it also lines up almost perfectly with the previous week high. I’ll be looking for a strong bounce or breakout to happen when price reaches this zone again.

  • WO: .8377
  • Top WATR: .8443
  • Bottom WATR: .8311
  • PWH: .8407
  • PWL: .8264