Weekly Watch: June 25 to 29, 2012

What’s up fellow forex fanatics! Cyclopip here, and I’m back with another set of charts of your favorite cross-currency pairs! Here are the levels that I’ve marked for this week on EUR/JPY, GBP/JPY, and EUR/GBP:

EUR/JPY

EUR/JPY Hourly Chart

The area of 100.50 looks like a make-or-break level for EUR/JPY, as it held as both support and resistance recently, so I’ll be keeping my eye on this area fo’ sho’! Who knows, playing bounces off these levels may prove to be a profitable strategy again this week.

  • WO: 100.97
  • Top WATR: 102.31
  • Bottom WATR: 99.63
  • PWH: 101.63
  • PWL: 99.12

GBP/JPY

GBP/JPY Hourly Chart

I think the 125.00 major psychological level (MaPs) will be a key level for GBP/JPY. A close below would entail a break of last week’s rising trend line, while a bounce would mean a continuation of the uptrend and a possible new high.

  • WO: 125.23
  • Top WATR: 126.71
  • Bottom WATR: 123.75
  • PWH: 125.85
  • PWL: 123.23

EUR/GBP

EUR/GBP Hourly Chart

3 straight weeks… That’s how long EUR/GBP has been trading with no clear direction, just bouncing up and down! With that in mind, I’ll be looking for range plays on this sucker. Right now, playing support in the area around .8000 and the previous week low (PWL) looks like a viable option.

  • WO: .8064
  • Top WATR: .8118
  • Bottom WATR: .8010
  • PWH: .8112
  • PWL: .8022

Weekly Watch: June 18 to 22, 2012
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  • Capnskahoshi

    There seems to be a range developing that looks as though it’s heading North. Starting roughly May 15th-17thish. I’m pretty sure it was a trade of the Week Idea, but it’s certainly holding water as it bounced off the bottom of the proposed channel. Something to look at if you like. 

    • Capnskahoshi

       As a rider, I speak of course about the EUR/GBP trade.

      • cyclopip

        I thought about going long but the problem was that the euro was generally pretty weak. It seems to have broken lower now. Perhaps would be best to avoid and wait for retest of former lows. 

  • strawberry

    It may be the best time to have the trade now.