Weekly Watch: Dec. 23 – 27, 2013
Time to transition into a new year as we close out 2013…Check out the currency-cross levels to watch to end 2013 strong and start 2014 right!
EUR/JPY
Last week was a bit of a surprise as we saw strong yen selling among the crosses during the holiday. That means the trend higher is still intact for the yen crosses, including EUR/JPY. It looks like support has been established at the week open, so I think this area all the way down to the bottom WATR area will be an area for the bulls.
- WO: 144.63
- Top WATR: 145.87
- Bottom WATR: 143.39
- PWH: 145.69/strong>
- PWL: 142.09
GBP/JPY
In last week’s Weekly Watch, I mentioned that 169.00 – 170.00 would be a good support area to watch for the week. Well, it looks like traders started buying at 170.00 and never looked back as they pushed the pair up to almost reach 174.00. This week MIGHT be calmer, but the trend is higher so look for support on pullbacks (especially around bottom WATR), or even a break of the PWH.
- WO: 173.21
- Top WATR: 174.80
- Bottom WATR: 171.63
- PWH: 173.96
- PWL: 169.76
EUR/GBP
Last week was a tight one for EUR/GBP, and I don’t expect much different price action this week because of the New Year holiday environment. But so far, we’ve already seen a bounce higher from PWL, so there could be some action, and I’d be very observant of the PWH/top WATR area if the market does get up there this week.
- WO: .8350
- Top WATR: .8402
- Bottom WATR: .8299
- PWH: .8392
- PWL: .8328
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