Weekly Watch: May 28 to June 1, 2012

We’ve got an awesome week of sports ahead of us now that Roland Garros 2012 has begun and the NBA Conference Finals matchups are set. This week’s lineup of matches is mouth-watering!

In the NBA, we’ve got the Spurs versus the Thunder, and the Celtics versus the Heat. While in the French Open, Djokovic and Federer are both scheduled to start their campaigns today (but not against each other)!

Let’s see if the charts offer any finger licking good setups as well, shall we?

EUR/JPY

EUR/JPY Hourly Chart

Last week was another bearish week for the euro but it seems like sellers have been losing steam as price has been trading sideways for the past couple of days. Down south, I’ll be keeping my eye on the 99.50 support zone, which lies near the previous week low (PWL). Up north, 101.00 presents a lot of potential for a retracement play, as it was an area of interest in the past. I’ll also be looking for intraweek plays around the week open (100.00).

  • WO:100.00
  • Top WATR: 101.28
  • Bottom WATR: 98.72
  • PWH: 102.12
  • PWL: 99.36

GBP/JPY

GBP/JPY Hourly Chart

On GBP/JPY, I think 125.00 will be a key level to watch as price has been flirting with it for a while now. Meanwhile, a bearish break below the PWL and 124.00 could trigger the start of another huge sell-off.

  • WO:124.93
  • Top WATR: 126.28
  • Bottom WATR: 123.58
  • PWH: 126.47
  • PWL: 124.15

EUR/GBP

EUR/JPY Hourly Chart

Looks like I spotted a real area of interest on EUR/GBP with my latest trade! Price has been hovering just above .8000, but it hasn’t made much headway in breaking above .8050. I think that if the market can clear this level, it’ll be smooth sailing to .8100. But if the market starts trading and staying below .8000, we’ll probably see price test the previous low near the bottom weekly ATR (WATR).

  • WO: .8003
  • Top WATR: .8058
  • Bottom WATR: .7947
  • PWH: .8103
  • PWL: .7980

Weekly Watch: May 21 to 25, 2012
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