Weekly Watch: July 29 to August 2, 2013

Rise and shine, forex fanatics! We’ve got the Weekly Watch ready to start another wacky week of cross currency trading! Here are the levels that I’m looking at on EUR/JPY, GBP/JPY, and EUR/GBP:

EUR/JPY

EUR/JPY Hourly Chart

The euro seems to have lost its magic, hasn’t it? From coming close to the 133.00 handle, EUR/JPY gave in to gravity and has made its way down to 130.00, where it’s currently trading. Methinks if this level gives way, a test of 129.00 or the bottom WATR could be next. But if it holds, we might see price return to 132.00

  • WO: 130.29
  • Top WATR: 131.92
  • Bottom WATR: 128.66
  • PWH: 132.75
  • PWL: 130.08

GBP/JPY

GBP/JPY Hourly Chart

The ball has been in the sellers’ court for some time now, but there’s a chance we’ll see buyers put up a fight around the 150.00 major handle. Up north, 152.00 could see some interest as well.

  • WO: 150.85
  • Top WATR: 152.66
  • Bottom WATR: 149.04
  • PWH: 154.07
  • PWL: 150.72

EUR/GBP

EUR/GBP Hourly Chart

Step by step, EUR/GBP has managed to climb higher. If it can break through .8650, the next step could be .8700. But if traders can’t lift it beyond the previous week high, I would expect a retreat to .8600.

  • WO: .8636
  • Top WATR: .8691
  • Bottom WATR: .8581
  • PWH: .8645
  • PWL: .8581

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