Weekly Watch: September 9 to 13, 2013

Weekly Watch: September 9 to 13, 2013

Big moves sparked by the European, Japanese and UK central banks may be an opportunity for new trade ideas, if you know where to look! As usual, I’ll kick off the week with my pre-trading market routine; here are this week’s must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

It looks like the volatility wasn’t enough the break the pair out of its range as it continues to find sellers around 132.00 and support around 130.00. With a light load of tier 1 events on the calendar this week, look for those areas to continue to attract support/resistance, barring any surprise events.

wEURJPY.20130909.png

  • WO: 131.22
  • Top WATR: 132.72
  • Bottom WATR: 129.72
  • PWH: 132.15
  • PWL: 129.79

GBP/JPY

Guppy found support all week, but found sellers after we saw no action from both the BOE’S Monetary Policy Committee and the Bank of Japan. Again, the calendar is pretty light on economic catalysts, so the 154.00 could serve as support for recent pound bullishness, with seller probably eyeing the 157.50 – 158.00 as an opportunity to sell.

wGBPJPY.20130909.png

  • WO: 155.77
  • Top WATR: 157.56
  • Bottom WATR: 153.98
  • PWH: 156.44
  • PWL: 153.98

EUR/GBP

As I mentioned last week, this bad boy was poised to go for .8450 and .8400. Is this area gonna serve as major support after a two week downtrend or a break of .8400 lead to another 100 pip drop? Will .8500 be a new selling opportunity if retested? Or is a reversal in the cards if we see support under .8400? Only time will tell!

wEURGBP.20130909.png

  • WO: .8423
  • Top WATR: .8480
  • Bottom WATR: .8367
  • PWH: .8521
  • PWL: .8391

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