Weekly Watch: September 2 to 6, 2013

It’s time to get September started off on the right foot by knocking out some chart work 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 already gotten off to a fast start as we saw a sharp Yen selloff as soon as the European markets opened. The area to watch so far this week is that 132.00 major psychological level. It’s the top of it’s volatility range as well a reversal point two weeks ago.

forex.WW.cyclopip.EJ.20130902.png

  • WO: 130.11
  • Top WATR: 131.63
  • Bottom WATR: 128.59
  • PWH: 132.32
  • PWL: 129.29

GBP/JPY

Like its “brotha-from-anotha-motha,” EUR/JPY, Guppy rocketed higher to start off the week on risk-on flows. It’s already testing the top of it’s normal volatility range, so this could a be a jump in point for you Yen bulls out there. On the other hand, GBP has been broadly strong lately, so you GBP bulls may want to wait for a pull back to the broken PWH.

forex.WW.cyclopip.GJ.20130902.png

  • WO: 152.96
  • Top WATR: 154.72
  • Bottom WATR: 151.20
  • PWH: 153.98
  • PWL: 150.47

EUR/GBP

This bad boy has been in a strong down move since topping out around .8650 last week and it looks like it ain’t stoppin’ any time soon! Having broke .8500 to start the week, .8450 may be the next target and a possible area of support with stochastics already showing oversold conditions.

forex.WW.cyclopip.EG.20130902.png

  • WO: .8509
  • Top WATR: .8566
  • Bottom WATR: .8452
  • PWH: .8652
  • PWL: .8519

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