Weekly Watch: July 9 to 13, 2012

Before I share this week’s must-watch cross currency levels, I’d like to give a shout out to Roger Federer for winning the Wimbledon Men’s Finals! In doing so, he not only tied the record for most Wimbledon championships, but also became the top ranked tennis player once again! Not bad for a 30-year-old dude, eh?

Now, let’s see if we can score a Grand Slam win of our own with these levels that I marked down on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

EUR/JPY Hourly Chart

We’ve been seeing strong selling pressure on EUR/JPY as of late, so I think the area of the previous week low (PWL) and the weekly open (WO) may be tested for a possible break to a new low. To the north side, the area of 99.00 and the top WATR looks like a prime place to short if you’re waiting for a pullback.

  • WO: 97.57
  • Top WATR: 98.95
  • Bottom WATR: 96.20
  • PWH: 101.32
  • PWL: 97.64

GBP/JPY

GBP/JPY Hourly Chart

GBP/JPY has formed a nice solid range over the past couple of weeks. Support at the 123.00 zone has been a tough nut to crack, and I think this will be the week’s make-or-break level. Up above, 124.00 presents a possible area of interest for retracement plays as well.

  • WO: 123.18
  • Top WATR: 124.60
  • Bottom WATR: 121.76
  • PWH: 125.49
  • PWL: 123.06

EUR/GBP

EUR/GBP Hourly Chart

On EUR/GBP, I’m eyeing two areas in the next couple of days. Down south, I’ll be keeping my eye on the PWL and WO for a potential new low. Meanwhile, I’ll be looking for the area between the WATR and 0.8000 to act as an area of interest up north, as this has acted as a solid support zone in the past few weeks.

  • WO: .7919
  • Top WATR: .7974
  • Bottom WATR: .7865
  • PWH: .7925
  • PWL: .8079

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