Weekly Watch: February 25 to March 1, 2013

From the looks of it, we’re gonna have an action-packed week ahead of us. Just take a look at those huge gaps that formed over the weekend! If that ain’t a strong start to the week, I don’t know what is!

Hopefully, this will give us some clean, solid setups that we can take in the coming days. Without further ado, here are this week’s charts on EUR/JPY, GBP/JPY, and EUR/GBP.

EUR/JPY

EUR/JPY Hourly Chart

Feast your eyes on that 220-pip weekend gap, fellas! Right now, there are two areas that I’m watching on this pair. The first is the area of 123.10, which is last Friday’s low and has acted as support the past two weeks. The second is the area of the week open (WO), since a close above this level would constitute a break of the falling channel that has formed throughout February.

  • WO: 125.30
  • Top WATR: 127.07
  • Bottom WATR: 123.53
  • PWH: 125.90
  • PWL: 122.26

GBP/JPY

EUR/JPY Hourly Chart

GBP/JPY seems to be content with consolidating for now, so I may consider trading a range play on this pair. I think we could see resistance around the 142.00 handle/WO and support around the bottom weekly ATR (WATR)/previous week low (PWL).

  • WO: 142.98
  • Top WATR: 144.68
  • Bottom WATR: 141.29
  • PWH: 145.90
  • PWL: 141.33

EUR/GBP

EUR/JPY Hourly Chart

This pair opened right under the previous week high (PWH) but was unable to break through, so I think that may be a good place to enter a short position in that confluence zone. On the downside, I think we could see a potential reversal around Friday’s close (.8648) or around the .8600 psychological handle, so I’ll be waiting for confirmation from candlesticks if and when price reaches that area.

  • WO: .8761
  • Top WATR: .8834
  • Bottom WATR: .8688
  • PWH: .8766
  • PWL: .8598

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