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EUR/JPY 1 Hour Forex Chart
EUR/JPY 1 Hour Forex Chart

After weeks of trading around 140.00, EUR/JPY has finally broken out of its range on broad financial market volatility.  It was an upside break which means a few “likely” scenarios could play out from here: 1.) the pair could keep rallying higher without a hiccup 2.)Pull back and then rally higher 3.) Stall and/or reverse back to 139.00.   Unless the story behind the breakout changes, we could see some variation of scenario 1 or 2 before the markets move higher to gun for 145.00.

  • WO: 142.76
  • Top WATR: 144.03
  • Bottom WATR: 141.50
  • PWH: 143.79
  • PWL: 139.14


GBP/JPY 1 Hour Forex Chart
GBP/JPY 1 Hour Forex Chart

Because most of last week’s action was risk sentiment related, and therefore Japanese yen centric, guppy behaved in much of the same manner as EUR/JPY above with a break above the recent range.  So, the setups to watch out for are probably the same, even with a few major events from both the U.K. and Japan this week on the calendar. A pull back and retest of the 171.00 area and bottom WATR level is definitely one to watch for, as well as a break above the PWH at 173.58!

  • WO: 172.27
  • Top WATR: 173.88
  • Bottom WATR: 170.66
  • PWH: 173.58
  • PWL: 168.83


EUR/GBP 1 Hour Forex Chart
EUR/GBP 1 Hour Forex Chart

EUR/GBP has been no exception to the recent consolidation behavior we’re seeing in forex, but it really wasn’t a part of the big break out that we saw in EUR/JPY and GBP/JPY.  In the chart above, it looks like the pair broke the consolidation area to retest the .8300 handle.  With the stochastic indicator giving us a potential overbought signal, this may be an opportunity to jump in on the longer-term trend lower.  One thing to remember before trading this pair is that both currencies have been strong against the other majors, so it could go either way from here.

  • WO: .8292
  • Top WATR: .8344
  • Bottom WATR: .8241
  • PWH: .8304
  • PWL: .8203

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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.