Weekly Watch: July 15 to 19, 2013

It’s a good thing I avoided my favorite crosses last week because they were choppy as heck! Hopefully, they’ll give us something better to work with this time around.

I’ve laid out my must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP so I don’t miss out on any clean trade setups. Check them out:

EUR/JPY

EUR/JPY Hourly Chart

EUR/JPY has been surprisingly chill over the past couple of week. A bit choppy, yes, but it’s been range-bound for the most part. With that said, I’m looking at the 130.00 and 130.50 levels as potential resistance zones, since they have a history of holding. As for support, we have major confluence at the 128.00 handle, so I’ll be looking for opportunities to buy around there.

  • WO: 129.92
  • Top WATR: 131.62
  • Bottom WATR: 128.22
  • PWH: 130.57
  • PWL: 128.02

GBP/JPY

GBP/JPY Hourly Chart

This pair can’t seem to make up its mind between rising and falling, so I think I’ll wait until it hits extreme levels before jumping in. The area near the previous week high and top WATR presents a potential turning point, so I may consider shorting around 151.50. Down below, the 149.00 major psychological handle saw interest in the past, so I’ll look for reversal signals around there.

  • WO: 149.88
  • Top WATR: 151.72
  • Bottom WATR: 148.04
  • PWH: 151.63
  • PWL: 148.78

EUR/GBP

EUR/GBP Hourly Chart

I’m looking to play this baby within a 100-pip range! It looks like a good sell around .8700, especially since this round number lines up really well with the top WATR and PWH. Down below, we know that .8600 has been a major level on this pair, so I’ll be keeping my eye on that as well.

  • WO: 0.8650
  • Top WATR: 0.8708
  • Bottom WATR: 0.8592
  • PWH: .8694
  • PWL: .8574

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