Weekly Watch: July 22 to 26, 2013

Y’all ready for this upcoming week? If you ain’t, no worries, I’ve got yo back! Here are the must-watch levels to keep an eye on for EUR/JPY, GBP/JPY, and EUR/GBP this week!

EUR/JPY

EUR/JPY Hourly Chart

Talk about a steady rise! EUR/JPY slowly but surely made its way up the charts last week, only stopping once it hit the 132.00 handle. Will this prove to be solid resistance? A strong bullish candle close above 132.00 could signal a move up to 133.00 or possibly 133.50. On the flip side, a candle close below 131.00 could entice sellers to jump in and bring price down to the cluster zone around 130.00 and the bottom WATR.

  • WO: 131.81
  • Top WATR: 133.51
  • Bottom WATR: 130.14
  • PWH: 132.09
  • PWL: 129.37

GBP/JPY

GBP/JPY Hourly Chart

Could this be the end of the line for the Guppy bulls? Price seems to be finding tough resistance just above 153.00. Keep an eye on that 152.00 handle, as it may prove to be a make-or-break level on this pair this week. A close below 152.00 could lead to selling pressure that might cause price to drop to the 151.00 or even 150.00 price marks.

  • WO: 153.21
  • Top WATR: 155.07
  • Bottom WATR: 151.35
  • PWH: 153.34
  • PWL: 149.69

EUR/GBP

EUR/GBP Hourly Chart

The major question for EUR/GBP this week is whether that .8600 handle is gonna hold or not! The psychological level has held the past two weeks, but I suspect that if we see a bearish marubozu close below that level, it could open the floodgates for more selling to happen.

  • WO: .8600
  • Top WATR: .8658
  • Bottom WATR: .8543
  • PWH: .8712
  • PWL: .8589

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