Forex Weekly Watch: Apr. 18-22, 2016

EUR/JPY

EUR/JPY 4-hour Forex Chart

EUR/JPY 4-hour Forex Chart

EUR/JPY took a break from its dive last week, as it consolidated just above the long-term lows around the 122.50 minor psychological level. Euro bears seem eager to get a head start this week, though, pushing the pair to gap lower and break below the floor. With that, EUR/JPY might have enough momentum to head towards the bottom WATR or much lower as traders price in expectations for the upcoming ECB statement.

  • WO: 122.35
  • Top WATR: 123.62
  • Bottom WATR: 121.08
  • PWH: 124.00
  • PWL: 122.57

GBP/JPY

GBP/JPY 1-hour Forex Chart

GBP/JPY 1-hour Forex Chart

GBP/JPY may have moved sideways last week but it looks ready to resume its drop today! The pair gapped down over the weekend, breaking below the short-term support around the 154.00 handle, as risk aversion appears to be settling in. This could put the pair on track towards testing the previous week lows at the 152.00 major psychological mark or even breaking lower and heading for the bottom WATR. Top-tier U.K. releases such as jobs data and retail sales figures could bring more volatility for this pair.

  • WO: 153.66
  • Top WATR: 155.99
  • Bottom WATR: 151.33
  • PWH: 155.76
  • PWL: 152.00

EUR/GBP

EUR/GBP 4-hour Forex Chart

EUR/GBP 4-hour Forex Chart

EUR/GBP has been trending higher, moving above the ascending trend line connecting the recent lows on its 4-hour chart. Price is still hovering close to the rising support area, which is near the previous week low and just above the bottom WATR. If it continues to keep losses in check, the pair could make its way up to the previous week high near the .8100 mark or go for new highs. Stochastic is on the move up, which means that buyers are in control for now. So far so good for my long EUR/GBP trade!

  • WO: .7960
  • Top WATR: .8037
  • Bottom WATR: .7884
  • PWH: .8092
  • PWL: .7926

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  • Cyclopip

    Questions are absolutely welcome here, no need to apologize 🙂 Which pair are you referring to? Maybe we’re looking at different time frames?

    • raikks

      This is what i’ve got on 4h EURJPY. As you can see they are similar, but not exactly alike.

      • Cyclopip

        Oh I see. I think mine just includes more bars (as early as the last week of February) while yours starts from the end of March. But yep, they do look similar, it’s just I also took the screenshot much earlier in the week before the other green bars on the chart formed.

        • raikks

          No, that wouldn’t have been a problem. Here, these bars should have been the same, but they aren’t.

          • Cyclopip

            Ahh I think this has something to do with the different breakdown for 4-hour candle bars between TradingView and my charting software (ex: 7am-11am vs. 6am-10am) so the high-low-open-close for each candle varies.

          • raikks

            Thx for clarifying that, this makes sense 🙂
            Cheers.