Forex Weekly Watch: June 13-17, 2016

EUR/JPY

EUR/JPY 4-hour Forex Chart

EUR/JPY 4-hour Forex Chart

Euro bears were still at it last week, pushing the pair to break below the falling wedge support on its 4-hour time frame. This signals that price could be in for a southbound route, likely falling by around 700 pips or the same height as the chart formation. Keep in mind, however, that stochastic is already in the oversold area so it might make sense to wait for a quick pullback to the broken wedge support.

  • WO: 120.23
  • Top WATR: 121.48
  • Bottom WATR: 118.98
  • PWH: 122.71
  • PWL: 119.91

GBP/JPY

GBP/JPY 4-hour Forex Chart

GBP/JPY 4-hour Forex Chart

Guppy carried on with its decline after breaking below the ascending triangle I showed y’all last week. The pair now has its sights set on the descending channel support around the 149.50 minor psychological mark, which lines up with the bottom WATR this week. There are plenty of top-tier events from the U.K. this week so this one’s bound to see more volatility than usual.

  • WO: 152.09
  • Top WATR: 154.69
  • Bottom WATR: 149.50
  • PWH: 157.88
  • PWL: 151.54

EUR/GBP

EUR/GBP Daily Forex Chart

EUR/GBP Daily Forex Chart

EUR/GBP just invalidated that head and shoulders long-term reversal signal by rallying back above the neckline of the formation last week. This signals that price could resume its climb but it might encounter a bit of resistance at that strong ceiling around .8000-.8050, which has held as a barrier since August 2014. With the EU referendum looming and a bunch of data releases from the U.K. in the next few days, a clearer direction could be established by this pair pretty soon.

  • WO: .7902
  • Top WATR: .7982
  • Bottom WATR: .7823
  • PWH: .7931
  • PWL: .7760

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