Weekly Watch: Sept. 30 to Oct. 4, 2013

Weekly Watch: Sept. 30 to Oct. 4, 2013

Rise and shine, forex fanatics! We’ve got the Weekly Watch ready to start another wacky week–and the final quarter of 2013–of currency-cross trading! Here are this week’s must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

That confluence of major psychological level, Fibonacci and bottom WATR area from last week’s Weekly Watch held like a champ, but with a gap lower, it’s a brand new ball game. If the trend remains to the downside, the area between last week’s strong support, now the previous week low, and the top WATR could be an area for sellers to jump in the trend. Also, gap closes tend to draw in traders as well.

EUR/JPY 1 hour

EUR/JPY 1 hour

  • WO: 131.98
  • Top WATR: 133.43
  • Bottom WATR: 130.53
  • PWH: 134.56
  • PWL: 132.62

GBP/JPY

Guppy was held to a tight range last week with the lack of major catalysts, but this week could be a different animal with quite a few tier one events on the forex calendar. A break above the top WATR level and previous week high could invite momentum traders into the party, while a break below the previous week low (PWL) could bring the market down the to bottom WATR level/major psychological level of 156.00.

GBP/JPY 1 hour

GBP/JPY 1 hour

  • WO: 157.82
  • Top WATR: 159.49
  • Bottom WATR: 156.15
  • PWH: 159.28
  • PWL: 157.34

EUR/GBP

No pullback in last week’s trade shows that this downtrend is the real deal! It looks like WO/PWL is gonna be the new line in the sand, so if sellers hold, it looks like .8300 is the next pit stop for this slumping market. For the more conservative bears visiting my blog, .8400 might be more to your tastes to play the current weakness.

EUR/GBP 1 hour

EUR/GBP 1 hour

  • WO: .8363
  • Top WATR: .8418
  • Bottom WATR: .8308
  • PWH: .8460
  • PWL: .8362

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