Weekly Watch: September 16 to 20, 2013

Weekly Watch: September 16 to 20, 2013

It’s hard to say goodbye to a great weekend of sports, but I’m glad it’s Monday because I’m always happy to get back on the Forex grind! Time to kick it off the week right by getting work done with my pre-trading market routine! Here are this week’s must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

EUR/JPY has been slowly marching higher for weeks now after buyers took control in early August around 128.00. This snail like grind higher could continue with potential buyers eyeing the 130.60 – 131.00 area as a great price to buy into the trend. 133.00 to 134.00 could be an area where buyers could run out of steam, so definitely keep an eye on it!

EUR/JPY Hourly Chart

  • WO: 132.06
  • Top WATR: 133.57
  • Bottom WATR: 130.60
  • PWH: 133.37
  • PWL: 130.97

GBP/JPY

Like most British Pound pairs, guppy bulls have benefited nicely from positive UK sentiment over the last couple of months. On the higher time frames, it looks like the pair is breaking out of a consolidating pattern. A pull back to the 156.00 area certainly looks like a great value to GBP/JPY bulls, while a break above the previous week high (PWH) is a highly probable confirmation of the trend continuing higher.

GBP/JPY Hourly Chart

  • WO: 157.68
  • Top WATR: 159.47
  • Bottom WATR: 155.90
  • PWH: 158.55
  • PWL: 155.51

EUR/GBP

I mentioned in last week’s “Weekly Watch” that EUR/GBP was poised to go the .8400 handle; well it went there and then some! With the trend still in tact and general bullish sentiment on the UK, a move lower is a possibility in this new week of trading.

.8400 is now a strong broken support-turned-resistance area, so a retest there could draw in a lot of sellers, as well as a sustained break below the previous week low of .8355.

EUR/GBP Hourly Chart

  • WO: .8377
  • Top WATR: .8433
  • Bottom WATR: .8322
  • PWH: .8454
  • PWL: .8355

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