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Did y’all catch the first game of the OKC Thunder vs. Memphis Grizzlies series? Kevin Durant was an ice cold killer yo! To tell you the truth, I was quite inspired because as traders, we should all strive to be cold blooded – you can’t let your emotions get the best of you. You gotta be clinical and objective with your moves!

One way to do that is to develop a pre-market routine where you identify setups that you could take later on. That way, when the market conditions are ripe for the taking, you can act quickly and objectively. That’s why I came up with the Weekly Watch!

Anyway, here are this week’s charts on my favorite crosses – EUR/JPY, GBP/JPY, and EUR/GBP:


EUR/JPY Hourly Chart

I think the make or break level for this pair is the 130.00 handle since we’ve got major confluence right around that area. If price can just stay above this handle, I wouldn’t be surprised to see EUR/JPY soar to new heights. But if it holds, the market’s next stop could be the bottom WATR.

  • WO: 130.07
  • Top WATR: 131.96
  • Bottom WATR: 128.19
  • PWH: 130.35
  • PWL: 127.05


GBP/JPY Hourly Chart

The rally on GBP/JPY has been going on for a while now and it’s starting to look really stretched out. I think sellers may start pouring back in around the previous week high (PWH). Down south, the area of the bottom WATR could see interest since it held as resistance a few times in the past.

  • WO: 154.43
  • Top WATR: 156.40
  • Bottom WATR: 152.47
  • PWH: 154.69
  • PWL: 150.75


EUR/GBP Hourly Chart

It seems like the pound has been in control of EUR/GBP lately… but I see a potential turning point around the .8400 major psychological handle. It held as support for two weeks in a row, so it may just hold again this week. As for potential resistance zones, I’m looking at the .8500 handle to hold off buyers since both the PWH and top WATR are clustered in this area.

  • WO: .8426
  • Top WATR: 0.8493
  • Bottom WATR: 0.8359
  • PWH: .8498
  • PWL: .8404

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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.