Weekly Watch: June 17 to 21, 2013

We saw some sick setups on EUR/JPY, GBP/JPY, and EUR/GBP last week. Let’s see if we can get our hands on some winners this week!

Here are the levels that I’ll be watching:

EUR/JPY

EUR/JPY Hourly Chart

The tide seems to be shifting in favor of the yen on most JPY crosses, so I’m more inclined to sell EUR/JPY this week. I feel that the 127.50 area could provide resistance, since the market showed interest here before and it lines up perfectly with the top WATR. However, I’ll also be open to trade a bounce off the previous week low at the 125.00 confluence zone if market conditions are ripe.

  • WO: 125.57
  • Top WATR: 127.41
  • Bottom WATR: 123.73
  • PWH: 131.31
  • PWL: 124.97

GBP/JPY

GBP/JPY Hourly Chart

GBP/JPY looks practically identical to EUR/JPY. On this pair, I think the key areas to keep an eye on are the 150.00 and 147.00 major psychological handles.

  • WO: 147.82
  • Top WATR: 149.84
  • Bottom WATR: 145.81
  • PWH: 154.24
  • PWL: 147.10

EUR/GBP

EUR/GBP Hourly Chart

Has this pair been behaved or what?! Despite all the crazy moves we’ve been seeing lately, EUR/GBP seems to be content with ranging. The market established clear resistance just below the .8550 MiPs, while support seems to be holding around .8475. Y’all can bet I’ll be watching these levels closely this week!

  • WO: .8498
  • Top WATR: .8555
  • Bottom WATR: .8441
  • PWH: .8552
  • PWL: .8469

Risk Disclosure
Q1 2013 Trading Performance Review
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page
Join my circle on Google+