After watching Jeremy Lin lead the Knicks to 5 straight wins, I’m Lin-spired to aim for a winning streak of my own! Let’s see if we can score a Lin… err, I mean a WIN this week with these must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP!
EUR/JPY
Looks like risk appetite was on the euro’s side again last week, and the weekend gap up suggests the bullish momentum hasn’t died down. That being the case, I think the previous week high will serve as an area of interest once more. On the downside, if you’re looking for a potential support area to play, I think the area of 102.00 could serve your purpose as price reacted well to this level last week.
- WO: 102.45
- Top WATR: 103.76
- Bottom WATR: 101.14
- PWH: 103.30
- PWL: 99.85
GBP/JPY
GBP/JPY appears to be ranging between 122.00 and 123.00, so I would look for potential plays around these levels this week, especially since the previous week high is just a few pips above the 123.00 handle.
- WO: 122.30
- Top WATR: 123.46
- Bottom WATR: 121.14
- PWH: 123.18
- PWL: 120.48
EUR/GBP
The .8400 major psychological handle is the clear level to keep an eye on this week. It’s been a major resistance level since late in December, and it also lines up almost perfectly with the previous week high. I’ll be looking for a strong bounce or breakout to happen when price reaches this zone again.
- WO: .8377
- Top WATR: .8443
- Bottom WATR: .8311
- PWH: .8407
- PWL: .8264
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