Weekly Watch: May 20 to 24, 2013

I had an absolutely awesome weekend, hitting the greens and chillin’ with the rest of the FX-men. It was exactly what I needed to help me recuperate and get my head straight.

But now it’s time to get back to regular programming! That means starting the week off with a healthy dose of my Weekly Watch! Here are the lines to watch out for on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

EUR/JPY Hourly Chart

Can you spell consolidation? After repeatedly shooting higher to new highs in the previous weeks, EUR/JPY finally took a break last week. For now, I’d keep an eye on the PWH at 132.77 to see how price reacts to that level. If we see a solid candle close above 133.00, it could mean that the bulls are back in control. On the flip side, the 131.50 minor psychological level appears to be holding as support, so we could consider buying at that level as well.

  • WO: 132.23
  • Top WATR: 133.04
  • Bottom WATR: 130.44
  • PWH: 132.77
  • PWL: 131.17

GBP/JPY

GBP/JPY Hourly Chart

We’ve got the same thing happening on Guppy, with price action struggling to trade above resistance at 156.50. If we see reversal candlesticks form at that level, you may wanna consider hopping in with a short position. On the flip side, 155.00 held nicely last week, so that could provide another opening for the bulls to attack.

  • WO: 156.14
  • Top WATR: 158.06
  • Bottom WATR: 154.27
  • PWH: 156.78
  • PWL: 154.93

EUR/GBP

EUR/GBP Hourly Chart

Is it just me or is a channel forming on EUR/GBP? The appear seems to be forming an ascending channel, as it just posted higher highs and lows last week. We’ll get more information this week as price action unfolds, so for now, just keep an eye on how price action reacts to the .8500 MaPs and PWH.

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

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