Weekly Watch: January 21 to 25, 2013

First up, just wanna give a shout out to the 49ers and the Ravens, who just booked their tickets to next week’s Superbowl! I don’t have any particular favorites to win, but you can bet your bottom dollar that I’ll be joining in in the festivities!

But before we start daydreaming about all those Superbowl parties for next weekend, it’s time to get down and dirty and finish our pre-market routine! Here are the touchdown zones to mark for on EUR/JPY, GBP/JPY, and EUR/GBP for this week!

EUR/JPY

EUR/JPY Hourly Chart

Looks like the bulls are still in control! Once again, EUR/JPY set a new high, after it gave a small retracement earlier last week. Could we see a repeat performance this week? If you’re in the bull camp, the 118.00 – 118.50 zone could provide some decent entry points for long trades. On the flip side, if you’re feeling this pair is about to top out, pay attention to how price action reacts to the cluster zone from the PWH (121.70) to the top WATR (121.30).

  • WO: 119.90
  • Top WATR: 121.30
  • Bottom WATR: 118.48
  • PWH: 120.70
  • PWL: 116.44

GBP/JPY

GBP/JPY Hourly Chart

Is that a lower high I see on GBP/JPY? Guppy bounced off the 144.00 handle late last week, so you should keep an eye for that level, especially since it lines up closely with the top WATR as well. If you’re looking to go long though, I think we could see some interest around the 140.50 MiPs, which coincides with the PWL.

  • WO: 142.76
  • Top WATR: 144.16
  • Bottom WATR: 141.34
  • PWH: 144.78
  • PWL: 140.52

EUR/GBP

EUR/GBP Hourly Chart

Now that EUR/GBP has risen the past two weeks, could this be the start of a strong trend? If you’re looking to hop in on a retracement, the bottom WATR could serve as solid support this week. However, if you see a strong candle close above the .8400 handle, that could be a sign that the bulls are pushing for new highs!

  • WO: .8400
  • Top WATR: .8447
  • Bottom WATR: .8352
  • PWH: .8399
  • PWL: .8267

Risk Disclosure
2012 Trading Performance Review
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page
Join my circle on Google+