Weekly Watch: October 1 to 5, 2012

And just like that, we’re in the last quarter of the year! Let’s start this baby on the right foot by marking down the important levels on EUR/JPY, GBP/JPY, and EUR/GBP. Here’s what I’m looking at, fellas:

EUR/JPY

EUR/JPY Hourly Chart

On EUR/JPY, I have my eye on the 101.00 major psychological handle (MaPs) up north since the pair reacted so well to it the past couple of weeks. Down south, I think the previous week low (PWL) could present an interesting make-or-break setup in the days to come.

  • WO: 100.17
  • Top WATR: 101.34
  • Bottom WATR: 99.00
  • PWH: 101.55
  • PWL: 99.64

GBP/JPY

GBP/JPY Hourly Chart

The MaPs levels present a lot of potential on this pair. As you can see, 126.00 was an area of interest last week. Meanwhile, 127.00 presents a confluence zone since it’s in the same area as the top weekly ATR (WATR) and the previous week high (PWH). Also, as noted by some of my forex buddies last week, 125.50 was a major support and resistance level in the past, so I may look to play a bounce or a break of this level later on.

  • WO: 125.92
  • Top WATR: 127.02
  • Bottom WATR: 124.82
  • PWH: 127.05
  • PWL: 125.35

EUR/GBP

EUR/GBP Hourly Chart

Last but not least, we have EUR/GBP, which has been trading sideways lately. Since this pair has a tendency to range, I’ll be looking for sellers to step in as the pair draws closer to the PWH and buyers to boost demand around the PWL.

  • WO: .7959
  • Top WATR: .8010
  • Bottom WATR: .7908
  • PWH: .7997
  • PWL: .7923

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1 comment

  1. sempai

    I just want to say how much this newbie appreciated this report. I not only grasped some new knowledge in the market, I made some PIPS! Thankyou much!

    Reply

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