Forex Weekly Watch: Apr. 11-15, 2016

EUR/JPY

EUR/JPY 4-hour Forex Chart

EUR/JPY 4-hour Forex Chart

The bearish force is strong with this one! EURJPY recently got rejected on its test of the descending trend line resistance, pushing it back down to the lows near the 122.00 major psychological level. This currently lines up with the bottom WATR and PWL so there might be some buyers waiting to hop in right here. If so, another pullback to the trend line or at least the top WATR could take place. If not, sellers could simply push for a break of the strong support and create new lows.

  • WO: 123.23
  • Top WATR: 124.56
  • Bottom WATR: 121.91
  • PWH: 127.35
  • PWL: 122.57

GBP/JPY

GBP/JPY 4-hour Forex Chart

GBP/JPY 4-hour Forex Chart

Guppy seemed unstoppable in its dive last week, taking the pair down below the 155.00 major psychological level onto new lows near 152.00. Price is stalling at the moment since stochastic is suggesting a return in buying pressure, but the pair might have enough energy to break below the current support and make its way down to the bottom of the descending channel. If buyers take over, especially with the U.K. CPI and BOE statement coming up, a pullback to the channel resistance near the top WATR could be in the cards.

  • WO: 152.34
  • Top WATR: 154.73
  • Bottom WATR: 149.96
  • PWH: 156.59
  • PWL: 151.69

EUR/GBP

EUR/GBP 1-hour Forex Chart

EUR/GBP 1-hour Forex Chart

Euro bulls have been pushing this pair higher but it seems that the top of the rising channel is holding as strong resistance for now. The pair might need to retreat to the bottom of the channel near the PWL to draw more buyers in the game and allow the uptrend to resume. However, if this week’s top-tier U.K. catalysts turn out very bearish for the pound, an upside break past the PWH could take EUR/GBP on a much steeper climb to top WATR and beyond.

  • WO: .8087
  • Top WATR: .8164
  • Bottom WATR: .8010
  • PWH: .8117
  • PWL: .7960

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