Weekly Watch: February 18 to 22, 2013

I just love NBA All-Star Weekend! Always great to see some of the best basketball players in the world compete with one another. But with the festivities coming to an end, it’s time for me to get back on the grind. Here are the key levels to watch out for on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

EUR/JPY Hourly Chart

With a potential head and shoulders forming on EUR/JPY, I’d keep an eye out for those support levels at the bottom WATR (123.30) and PWL (122.90). A solid close below those levels could signal more losses for my favorite cross pair. On the flip side, if you’re looking for a higher entry point, wait and see how price reacts to the 126.00 MaPs, as it intersects nicely with a falling trend line.

  • WO: 125.00
  • PWH: 126.97
  • PWL: 122.90
  • Top WATR: 126.70
  • Bottom WATR: 123.30

GBP/JPY

GBP/JPY Hourly Chart

Straight down, baby! That’s what happened on Guppy last week! Will we see a repeat performance? The pair seems to have retraced a little bit, but lets see how price reacts to the 146.00 MaPs. If price manages to trade above that level, it could make its way back to the previous week’s high at 147.88.

  • WO: 145.23
  • PWH: 147.88
  • PWL: 142.76
  • Top WATR: 146.87
  • Bottom WATR: 143.59

EUR/GBP

EUR/GBP Hourly Chart

Talk about a reversal! EUR/GBP completely erased its losses from two weeks ago, as it rallied hard last week! For now, let’s see if the bulls have enough momentum to push this pair above resistance at the top WATR (.8671) and the PWH (.8683). If we see a candle close above .8700, you know what to do!

  • WO: .8605
  • PWH: .8683
  • PWL: .8451
  • Top WATR: .8671
  • Bottom WATR: .8540

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