Just when it seemed as if the Spurs were going to make a clean sweep of the NBA playoffs, Kevin Durant and the rest of his OKC teammates came thundering back to tie the series at 2-2! Meanwhile, women's no.1 seed Victoria Azarenka just got the boot at Roland Garros!

Unfortunately for the euro and pound, the toppling of heavy favorites was limited to the sports scene as the yen remained the kingpin in the forex markets! With risk aversion sweeping through the markets, EUR/JPY closed over 300 pips below last week's opening price, while GBP/JPY fell as much as SIX HUNDRED pips from last week's highs!

Will the yen crosses continue to sink down the charts or are they about to bottom out? In any case, make sure you bookmark this edition of my Weekly Watch and keep an eye on these key levels on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

Just when it seemed as if EUR/JPY was stalling at 99.50, the bears came back in force, pushing the pair all the way down to the 97.00 psychological handle. If you're looking to hop on the downtrend, I feel that we could see some interest at all the major psychological levels (MaPs). On the flip side, if you're thinking about going against the trend and buying, I'd wait for a retest of the previous week low (PWL) and bottom weekly ATR (WATR) before loading up on long positions.

• WO: 96.96
• Top WATR: 98.31
• Bottom WATR: 95.61
• PWH: 100.21
• PWL: 95.60

GBP/JPY

Did Johan Santana pitch against the pound bulls last week? 'Cause they just couldn't get on the board! Given last week's huge drop, some may believe that we're in for a pullback soon. If you're part of that camp, I suggest waiting for a retest of the 119.00 MaPs before going in. On the flip side, if you wanna ride the recent down trend, we could see potential retracement plays emerge at the top WATR (121.00) or the 122.00 MaPs.

• WO: 120.00
• Top WATR: 121.50
• Bottom WATR: 118.50
• PWH: 125.13
• PWL: 118.82

EUR/GBP

Finally, my EUR/GBP trade is headin' places! Now that's what I'm talking about! Still, I think we could see a lot of interest at the .8100 handle, as it's proved to be a level of interest in the past. Down south, we should see support just above the bottom WATR (.8028). If that doesn't hold, look for price to retest the PWL at .7971.

• WO: .8280
• Top WATR: .8136
• Bottom WATR: .8028
• PWH: .8093
• PWL: .7971

Weekly Watch: May 28 to June 1, 2012
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