Weekly Watch: January 28 to February 1, 2013

First things first — congratulations to Novak Djokovic for snatching the Australian Open title in a thrilling 4-set display of great tennis! That match just goes to show that you can’t just rely on strong starts to get you through, you have to be consistently strong throughout!

I guess the same holds true for trading. You can’t just burst out of the gates at the start of the week. You gotta keep it together and maintain your cool through the whole week. Hopefully, with the help of the Weekly Watch, we can do just that!

EUR/JPY

EUR/JPY Hourly Chart

The EUR/JPY rally isn’t showing signs of slowing down, so going long on a pullback looks like the way to trade this pair. Right now, the area near the bottom weekly ATR (WATR) and 121.00 looks like a prime spot for a retracement since this zone once held as resistance, so I’ll be keeping my eye on that area this week.

  • WO: 122.41
  • Top WATR: 123.95
  • Bottom WATR: 120.87
  • PWH: 122.75
  • PWL: 117.05

GBP/JPY

GBP/JPY Hourly Chart

It’s been pretty much sideways trading for GBP/JPY for the past couple of weeks. If this week is anything like the last two, we’ll continue seeing 144.00 as resistance!

  • WO: 143.50
  • Top WATR: 145.00
  • Bottom WATR: 142.00
  • PWH: 144.26
  • PWL: 139.26

EUR/GBP

EUR/GBP Hourly Chart

EUR/GBP is deep in bull country, and barring any major changes in the markets, it’ll stay that way this week. I think I’ll be looking for this pair to retrace a bit of its footsteps before going long, specifically around the .8500 handle (former support/resistance on the daily chart).

  • WO: .8532
  • Top WATR: .8588
  • Bottom WATR: .8476
  • PWH: .8537
  • PWL: .8363

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