Weekly Watch: March 19 to 23, 2012

You ready for another round of March Madness? Here are some levels on your favorite cross-currency pairs to make sure your bracket doesn’t get busted and you get your One Shining Moment!

Speaking of busted brackets, here’s a shoutout to #15 seeds Norfolk State and Lehigh! For only the 5th and 6th time in NCAA tournament history, a 2nd seed has been eliminated in the first round! Sorry Coach K – I guess we’ll just catch you at the Olympics!

You ready? Let’s go!

EUR/JPY

EUR/JPY Hourly Chart

Can you say “The trend is up?” EUR/JPY has been on a steady rise lately, as the yen has been taking an absolute beating. With that in mind, it might be best to look for ways to hop on the uptrend. I’ll definitely be keeping an eye on the 109.00 MaPs and bottom WATR (108.54). If price fails to break below those levels, it might be time to starting buying!

  • WO: 109.90
  • Top WATR: 111.25
  • Bottom WATR: 108.54
  • PWH: 110.00
  • PWL: 107.51

GBP/JPY

GBP/JPY Hourly Chart

Just like EUR/JPY, GBP/JPY went on a nice roll last week, rising well over 300 pips. And just like EUR/JPY, it might be best to look for retracements on GBP/JPY. I might look to load up on some buy positions if price falls down to the bottom WATR. I may also pop on the Fib tool and see if price reacts to those levels.

  • WO: 132.11
  • Top WATR: 133.48
  • Bottom WATR: 130.74
  • PWH: 132.45
  • PWL: 128.19

EUR/GBP

EUR/GBP Hourly Chart

Lastly, here’s my take on EUR/GBP. As expected, the pair found support at the .8300 level last week. Unfortunately for me, I didn’t get triggered on my last setup on this pair! For this week, I’ll be paying attention to how price reacts to the support area around .8280 to .8300, as I expect the pair to remain range-bound once again.

  • WO: .8315
  • Top WATR: .8380
  • Bottom WATR: .8251
  • PWH: .8423
  • PWL: .8294

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