Weekly Watch: March 26 to 30, 2012

Hope you guys got plenty of rest over the weekend because today we’re diving right back into action! Me, I personally had a crazy weekend and I can hardly remember any of it! Hah! But I’m ready to shake off the cobwebs to deliver this week’s must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP! Check ’em out!

EUR/JPY

EUR/JPY Hourly Chart

We saw some wild swings and a sweet midweek reversal on this pair last week, but now that price is right in the middle of last week’s high and low, I can’t help but feel that this could go either way. To the upside, I think we could see resistance near the 111.00 MaPs, which lies between the top WATR and PWH. To the downside, the PWL, which was an area of interest in the past 3 weeks, could provide support for the pair.

  • WO: 109.34
  • Top WATR: 110.70
  • Bottom WATR: 107.98
  • PWH: 111.44
  • PWL: 108.49

GBP/JPY

GBP/JPY Hourly Chart

A nice double bottom formed on GBP/JPY towards the end of last week, so there’s a chance this pair could be headed north. I’d look for interest around 132.00 since it’s just a few pips away from the top WATR. Down below, 130.00 looks like a place that could see action if the market turns south, seeing as price reacted very well to this level last week.

  • WO: 130.83
  • Top WATR: 132.23
  • Bottom WATR: 129.44
  • PWH: 133.50
  • PWL: 130.02

EUR/GBP

EUR/GBP Hourly Chart

We got a couple of nice bounces off the .8300 support zone last week, and with how EUR/GBP has been ranging as of late, I think there’s a good chance price will revisit this area. But right now, since price is heading up, I’ll be keeping my eye on the .8400 major resistance zone.

  • WO: .8363
  • Top WATR: .8422
  • Bottom WATR: .8298
  • PWH: .8373
  • PWL: .8283

Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page