Weekly Watch: March 12 to 16, 2012

Shake off those Monday blues, homeboys! March Madness is just around the corner! I’m sure you’re already going nuts for your favorite NCAA teams… so why not take the craziness up a notch with these must-watch levels on your favorite cross-currency pairs?!

Let’s bag pips like crazy yo!

EUR/JPY

EUR/JPY Hourly Chart

Considering how awesome the major psychological handles (MaPs) held last week, I’ll be looking to trade off these levels. The 107.00 level in particular may see action soon, as bearish momentum seems to be carrying EUR/JPY towards this handle at the moment. Past this level, I would expect the former low at 106.00 to see interest as well.

  • WO: 108.14
  • Top WATR: 109.54
  • Bottom WATR: 106.74
  • PWH: 108.66
  • PWL: 105.65

GBP/JPY

GBP/JPY Hourly Chart

On GBP/JPY, I’m eyeing the bottom WATR because it lines up almost perfectly with the 128.00 MaPs. Up north, I’m expecting the 129.50 zone to act as an area of interest, seeing as it was a former resistance level and it is sandwiched by the PWH and the WO.

  • WO: 129.27
  • Top WATR: 130.59
  • Bottom WATR: 127.95
  • PWH: 129.76
  • PWL: 126.54

EUR/GBP

EUR/GBP Hourly Chart

I ain’t expecting much action on this pair since it’s been range-bound for the longest time! But the major resistance area at around .8400 should present a pretty good trading opportunity if price revisits this level. On the flipside, the PWL could serve as a good area to buy since it was a strong support level in the past two weeks.

  • WO: .8363
  • Top WATR: .8428
  • Bottom WATR: .8298
  • PWH: .8400
  • PWL: .8319

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