Weekly Watch: July 16 to 20, 2012

Man this Kyrie Irving… what a funny guy. First, he challenges Kobe Bryant to a game of 1-on-1 for $50,000. Then, he breaks his hand slamming it against a basket support! Talk about two bad ideas!

Hopefully, with the help of this edition of the Weekly Watch, we can avoid making any mistakes and our trading accounts will be safe from harm! Without further ado, I present to you this week’s charts on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

EUR/JPY Hourly Chart

EUR/JPY has been trending lower the past couple of weeks, so if you’re in the bear camp, you should keep an eye on the 98.00 MaPs and previous week high (PWH) cluster zone as a potential resistance area. On the flip side, I also wouldn’t be surprised if we see a break of the previous week low (PWL) and price test June’s lows around the bottom weekly ATR (WATR).

  • WO: 97.13
  • Top WATR: 98.48
  • Bottom WATR: 95.82
  • PWH: 98.14
  • PWL: 96.43

GBP/JPY

GBP/JPY Hourly Chart

Interestingly, the two major areas to keep an eye on for GBP/JPY this week are both major psychological levels (MaPs). If you like picking tops and bottoms, the 124.00 and 122.00 MaPs could prove to be solid resistance and support areas respectively. Just keep in mind that like EUR/JPY, GBP/JPY has been setting new lows the past couple of weeks, so there’s no telling whether 122.00 will hold.

  • WO: 123.46
  • Top WATR: 124.80
  • Bottom WATR: 122.06
  • PWH: 124.01
  • PWL: 122.04

EUR/GBP

EUR/GBP Hourly Chart

Like my man 50 Cent once said, “I ain’t gonna lie, this is one choppy chart!” For now, I’m going to be keeping my eye on the bottom WATR (.7818) and .7800 MaPs as a potential support area. Up top, I think we could see some interest at the .7900 MaPs, or at the PWH if price manages to reach that high.

  • WO: .7872
  • Top WATR: .7926
  • Bottom WATR: .7818
  • PWH: .7949
  • PWL: .7855

Q2 2012 Trading Performance Review
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page