What a crazy start to the NBA playoffs! First, the Heat destroyed the Knicks by 33 points, then we got a Kevin Durant game-winner thanks to a shooter’s bounce! Unfortunately though, my man Derrick Rose – the reigning MVP! – got hurt, blew his knee, and is out for the rest of the season! Bummer! Mr. Rose, I wish you a successful recovery!
For now, it’s time to put the DVR remote away and focus on the charts. Here are the levels to keep an eye on this week on EUR/JPY, GBP/JPY, and EUR/GBP!
EUR/JPY
After dropping a previous couple of weeks, EUR/JPY cooled off and pretty much stayed within a range last week. For now, it’s chillin’ right above the 106.00 handle, but I wouldn’t be surprised to see it break for new lows.
I think the key areas to keep an eye on will be the top WATR (107.58) and the bottom WATR (104.95). Both these levels have generated a high level of interest in the past, and I suspect sellers and buyers will be paying attention once price tests those areas.
- WO:106.26
- Top WATR: 107.58
- Bottom WATR: 104.95
- PWH: 107.84
- PWL: 106.17
GBP/JPY
As Big Pippin pointed out in today’s Daily Chart Art, this pair has been stuck within a range of just 130 pips. For now, I’ll be looking to play the range and place orders either at the bottom of the range (around 130.40) or at the top of the range (131.70, just below the PWH).
- WO: 130.55
- Top WATR: 131.96
- Bottom WATR: 129.14
- PWH: 131.83
- PWL: 130.21
EUR/GBP
This baby has been pretty choppy lately, so it might be a little tough to play. I’m still considering placing some short orders if price races back up to test the top WATR (.8194), which lies just below the .8200 psychological handle. I wouldn’t be surprised though if the pair breaks lower and tests the bottom WATR at .8086, which may serve as a good support level.
- WO: .8140
- Top WATR: .8194
- Bottom WATR: .8086
- PWH: .8223
- PWL: .8134
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