Forex Weekly Watch: June 15 – 19, 2015

EUR/JPY

EUR/JPY 1 Hour Forex Chart

EUR/JPY 1 Hour Forex Chart

Last week, was a slow grind lower for EUR/JPY, but remaining in the technical uptrend that’s been going on since bottoming in April around 127.00.  Now we’re seeing the pair starting to hit the Fibonacci retracement area, as well as creating a wedge-like pattern. With the stochastic indicating potentially oversold conditions, we could start to see a renewed interest from buyers looking to play the uptrend.

  • WO: 138.35
  • Top WATR: 140.02
  • Bottom WATR: 136.68
  • PWH: 141.01
  • PWL: 137.99

GBP/JPY

GBP/JPY 1 Hour Forex Chart

GBP/JPY 1 Hour Forex Chart

Last week, we saw a sharp drop in the pair thanks to billish comments from the Bank of Japan last week. And apparently, it was a fantastic opprotunity for the bulls to jump in at a great price.

Overall, the market is back to where it started last week and the picture looks mostly the same in that the pair is still in a slow grind higher.  I think this pair is poised to remain above the 192.00, barring any major developments from this week’s events from both the Bank of England and Bank of Japan.

If there is a downside break, the bottom WATR and PWL should easily attract buy orders, again barring any new central bank catalysts.

  • WO: 191.64
  • Top WATR: 193.35
  • Bottom WATR: 189.94
  • PWH: 192.22
  • PWL: 188.99

EUR/GBP

EUR/GBP 1 Hour Forex Chart

EUR/GBP 1 Hour Forex Chart

Last week’s PWH easily drew in sellers who kept the party going all week, thanks to broad strength in Sterling. The pair is back to the middle of the range that covers from .7100 – .7400 and going back to mid-April.

From here, it’s tough to call a direction although I think I’l side with the broad Sterling strength, and with that mindset I’ll view the recent resistance around .7400 as a likely doubletop. That would make the area around .7275 the neck and a potential resistance area.  Also, given that this area does line up with the top of the weekly average true range, I’ll definitely be watching there for a potential sell area.

  • WO: .7218
  • Top WATR: .7298
  • Bottom WATR: .7138
  • PWH: .7389
  • PWL: .7197

Risk Disclosure
Q1 2015 Trading Performance Review
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page