Except for EUR/GBP, all of our favorite crosses pretty much spent the entire of last week trading within a range. So this week, I’ll be looking to play bounces or breakouts off last week’s support and resistance levels. Check ’em out, homies:
EUR/JPY
The market established a range between 124.00 and 127.00 last week, but right now, it’s hanging just below the range’s support level. If it heads lower, I’ll be looking for opportunities around 123.00, which was an area of interest a couple of weeks ago. However, if the pair closes back above 124.00, then I think it would be wise to trade the pair back up to the top of the range.
- WO: 123.96
- PWH: 127.72
- PWL: 123.43
- Top WATR: 125.64
- Bottom WATR: 122.28
GBP/JPY
As choppy as GBP/JPY price action has been, the pair has managed to stay within a 250-pip range. This week, I’ll be keeping an eye on the 147.50 and 145.00 handles.
- WO: 146.65
- PWH: 147.98
- PWL: 144.86
- Top WATR: 148.21
- Bottom WATR: 145.09
EUR/GBP
Considering how strongly the pair has sold off in recent days, I think it would be best to trade with momentum this week. That said, I’ll be looking for opportunities to trade retracements, perhaps in the area of the top weekly ATR (WATR) or even around .8550.
- WO: .8456
- PWH: .8705
- PWL: .8446
- Top WATR: .8517
- Bottom WATR: .8395
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