Weekly Watch: May 13 to 17, 2013

A brand new week means a new edition of the Weekly Watch! Get the hottest charts on EUR/JPY, GBP/JPY, and EUR/GBP right here, mate!

EUR/JPY

EUR/JPY Hourly Chart

Yen sellers have been at it again! They’ve taken EUR/JPY higher and higher over the past couple of weeks, but right now, they seem to be stalling just above the 132.00 confluence zone, near the week open (WO). I wouldn’t be surprised to see this area hold as resistance for a while. After all, it took a few days for last week’s WO and previous week high (PWH) to break down. As for support, I’d look for interest around the bottom WATR.

  • WO: 132.07
  • Top WATR: 133.93
  • Bottom WATR: 130.22
  • PWH: 132.26
  • PWL: 129.00

GBP/JPY

GBP/JPY Hourly Chart

The PWH seems to be doing a pretty good job of keeping the bulls at bay at the moment, so I may just look for opportunities to short around that area. However, given the yen’s current strength, I think favoring a long position is the safer bet. I’ll be waiting patiently for a pullback, perhaps around 155.00 or the bottom WATR before I decide to jump in.

  • WO: 156.39
  • Top WATR: 158.36
  • Bottom WATR: 154.43
  • PWH: 156.70
  • PWL: 152.76

EUR/GBP

EUR/GBP Hourly Chart

This baby is still stuck in a range with clear support at .8400 and solid resistance at around .8500. No doubt, I’ll be watching these levels closely for trading opportunities!

  • WO: .8446
  • Top WATR: .8511
  • Bottom WATR: .8381
  • PWH: .8490
  • PWL: .8400

Risk Disclosure
Q1 2013 Trading Performance Review
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page
Join my circle on Google+