Forex Weekly Watch: Mar. 17 – 21, 2014

EUR/JPY

EUR/JPY 1 Hour Forex Chart

EUR/JPY 1 Hour Forex Chart

It was another volatile, momentum week for EUR/JPY, bringing the pair back to the top of February’s consolidation range.  On the longer-term time frames, the trend is still higher, so the area between bWATR and 141.00 might be a buying opportunity.  But it may be a good idea to check out the forex calendar and news as it seems the fundies and geopolitics have had a strong influence on price action as of late.

  • WO: 140.74
  • Top WATR: 142.02
  • Bottom WATR: 139.46
  • PWH: 143.61
  • PWL: 140.44

GBP/JPY

GBP/JPY 1 Hour Forex Chart

GBP/JPY 1 Hour Forex Chart

Big volatility for guppy as well, but much more weakness seen in Sterling across the board last week. This could be the start of a new trend for the British pound, so any kind of pullbacks to the area between tWATR and 171.00 might be on opportunity for guppy bears.  Long-term bulls may want to stay patient as the pair approaches the bottom of a range the spans all the way back to December 2013; potential support between 165.00 – 167.00.

  • WO: 168.47
  • Top WATR: 170.14
  • Bottom WATR: 166.81
  • PWH: 172.87
  • PWL: 167.93

EUR/GBP

EUR/GBP 1 Hour Forex Chart

EUR/GBP 1 Hour Forex Chart

It was a steady grind higher for EUR/GBP last week and it looks like the made new highs for 2014, almost touching .8380.  This area between .83200 – .8350 is still a battlezone area between the bulls and bears, with no clear winner at the moment.  For me, I think we’ll continue to see ranging/consolidation behavior, and with the euro seeing broad strength as of late, the bWATR is attractive as a potential range reversal type play.

  • WO: .8357
  • Top WATR: .8412
  • Bottom WATR: .8302
  • PWH: .8381
  • PWL: .8288

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  • http://eur/jpy mihk

    I feel a bit guilty for the EUR/JPY. I fell -245 pips and scored -800 euro. I would have got better velocity if I wasn’t stopped by somebody. I also produced a spike later on, 44 pips long. Overall I lost 1200 euros, but it was worth to the last penny.