Weekly Watch: September 10 to 14, 2012

I’m sure that after seeing last Friday’s crazy moves that you’re all pumped and excited to dive right into trading, so I ain’t gonna waste any more time. Here are this week’s charts on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

EUR/JPY Hourly Chart

Now that EUR/JPY has broken out of consolidation, I think the way to approach this pair is to catch a retracement. Though it’s still a distance away, 99.00 will probably draw interest if price finds itself near this level again. Up north, I’ll also be watching for a clean break (or bounce off) of 100.50.

  • WO: 100.22
  • Top WATR: 101.34
  • Bottom WATR: 99.10
  • PWH: 100.43
  • PWL: 97.99

GBP/JPY

GBP/JPY Hourly Chart

The 125.00 major psychological level was an area of interest in the past, so I think it would be wise to watch out for a bounce or break in this zone. If sellers can push below this level, their next stop could be the 124.00 handle, where the previous week’s low is set.

  • WO: 125.34
  • Top WATR: 126.44
  • Bottom WATR: 124.24
  • PWH: 126.21
  • PWL: 123.90

EUR/GBP

EUR/GBP Hourly Chart

The must-watch horizontal levels on EUR/GBP are crystal clear – .8000 and .7950! A break above the .8000 confluence zone will probably see this pair rise to new heights, while .7950 presents a potential retracement zone for those of you who feel bullish for the euro.

  • WO: .7998
  • Top WATR: .8048
  • Bottom WATR: .7948
  • PWH: .8003
  • PWL: .7887

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2 comments

  1. Balazs

    Hi There!

    The EUR/JPY seems to form a symmetrical triangle at the moment. The price can make a breakout in any direction. So, if it makes it’s way through 99.800, I’d sell the pair with the T/P placed at 99.000. If this scenario happens, I’d expect some struggle around 99.600. The stop would be at 100.250

    If the price breaks through 100.250, after a retest, I’d gladly buy the pair with a T/P set at 101.500.

    Unfortunately I can’t upload a picture, since if I click on the ‘upload image’ button, the screen just scrolls itself to the top.

    Reply
    • cyclopipcyclopip Post author

      Hi Balazs! Thanks for dropping by.

      Is your trade idea still valid? Looks like that symmetrical triangle gave way, though 99.80 has yet to be broken.

      Reply

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