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:
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
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
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
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