Weekly Watch: September 23 to 27, 2013

Weekly Watch: September 23 to 27, 2013

How great is it to have the NFL back, AND a rockin’ fantasy team!? Well, the weekend is over, so it’s time to get down and dirty 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 broke above the PWH at 133.36 on positive risk sentiment thanks to the Fed and the surprise no-action on their bond purchasing program. It looks like the pair topped out just under the MaPs level of 135.00 and pulled back to start off this week.

For this week, a pull back to 133.00 might attract buyers as that major price level lines up with the 61% Fib drawn on the chart, as well as the bottom of its average volatility range. 135.00 to 136.00 might be a good test for EUR/JPY bulls, so it’s a great area to watch to take long profits or a reversal.

EUR/JPY Hourly Chart

  • WO: 134.45
  • Top WATR: 135.92
  • Bottom WATR: 132.98
  • PWH: 131.69
  • PWL: 134.96

GBP/JPY

Like its brother above, Guppy seems to be breaking PWH’s and continuing an uptrend. This week, we’re already seeing the pair hit the 38% Fibonacci retracement area, which is also just above the previous swing high. Might be a good area for the bulls to watch to jump in the trend, while the 160.00 to 160.50 area is a good area to watch for the bears to come out and play.

GBP/JPY Hourly Chart

  • WO: 158.77
  • Top WATR: 160.50
  • Bottom WATR: 157.04
  • PWH: 159.99
  • PWL: 157.03

EUR/GBP

Last week, this pair bounced off of the PWL like a basketball, creating a double bottom in the process. Is it the euro’s turn to shine? It’s a tough call as the trend is to the downside, but if it breaks above .8640 it’s possible, but if not, look for the pair to jump back in the longer term trend and retest the strong support around .8350. Triple bottom time?

EUR/GBP Hourly Chart

  • WO: .8467
  • Top WATR: .8523
  • Bottom WATR: .8412
  • PWH: .8460
  • PWL: .8355

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