Weekly Watch: November 26 to 30, 2012

Happy Monday morning, fellas!

Boy, are you in for a treat this week… We’ve got lots of clear support and resistance areas on our favorite crosses! Without further ado, here they are:

EUR/JPY

EUR/JPY Hourly Chart

The major psychological levels (MaPs) seem to be doing a good job of acting as price magnets lately, so I’ll be looking to play bounces off those levels this week. Right now, I’ve got my eye set on 106.00 and 107.00, since they were the most recent support and resistance areas.

  • WO: 106.69
  • Top WATR: 107.93
  • Bottom WATR: 105.45
  • PWH: 106.98
  • PWL: 103.51

GBP/JPY

GBP/JPY Hourly Chart

I like the way price action on GBP/JPY has been forming! Is this a range in the works? Maybe its a double top! In any case, I’ll be keeping a close watch on resistance at the previous week high (PWH) and support at 131.00 for pip-making opportunities.

  • WO: 131.98
  • Top WATR: 133.22
  • Bottom WATR: 130.74
  • PWH: 132.34
  • PWL: 128.93

EUR/GBP

EUR/GBP Hourly Chart

Last but not least, we have EUR/GBP, which managed to rise to a new high late last week. With resistance at .8100 holding, I think there’s a chance we’ll see this pair revisit .8050… and if price does return to that area, I might just consider playing a retracement!

  • WO: .8090
  • Top WATR: .8139
  • Bottom WATR: .8041
  • PWH: .8110
  • PWL: .8006

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