Weekly Watch: June 3 to 7, 2013

Welcome to June, fellas! A new month means a new slate — let’s start things off the right way by going through our pre-trading market routines!

Without further ado, here are this week’s charts on EUR/JPY, GBP/JPY, and EUR/GBP:

EUR/JPY

EUR/JPY Hourly Chart

The pair has been limited to sideways action in recent days, forming an almost perfect range! With that said, I”ll be looking for resistance around 132.00 and support near the previous week low (PWL) since these levels held like champs in the past.

  • WO: 130.68
  • Top WATR: 132.34
  • Bottom WATR: 129.02
  • PWH: 132.15
  • PWL: 130.19

GBP/JPY

GBP/JPY Hourly Chart

GBP/JPY was also confined to a tight range last week, and after five days of trading, it finished almost exactly where it began – at the WO! I think the area of 154.00 could present us with a good opportunity to sell GBP/JPY, while the pair could be a bargain buy at 152.50.

  • WO: 152.99
  • Top WATR: 154.80
  • Bottom WATR: 151.18
  • PWH: 154.65
  • PWL: 152.24

EUR/GBP

EUR/GBP Hourly Chart

On this pair, I’ve got my eye on the .8600 confluence zone as a potential area of interest since it lines up really well with the top WATR and PWH. Down south, the WO has acted as support in the past, so I’ll be looking for buying opportunities in that area.

  • WO: .8541
  • Top WATR: .8602
  • Bottom WATR: .8480
  • PWH: .8599
  • PWL: .8528

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