Partner Center Find a Broker


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

EUR/JPY fell back into consolidation mode last week as the markets seem to be calming down from recent geopolitical risks and an economic data scare from China. With a relatively light economic calendar for the week, playing the ranges may be the best plays with a breakout setup on the ready in case we get surprise news or data catalysts.  I’m going into reactionary mode on this one as it can be played from many different angles on multiple time frames.

  • WO: 140.90
  • Top WATR: 142.12
  • Bottom WATR: 139.68
  • PWH: 141.98
  • PWL: 140.44


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

Guppy also fell into consolidation mode last week, trading within a 200 pip range. I’m watching that top WATR level as it lines up with the major psychological level (170.00) and previous week highs.  Unless we get a major catalyst this week, it should provide an area of high probability to attract a lot of orders.

  • WO: 168.33
  • Top WATR: 169.92
  • Bottom WATR: 166.74
  • PWH: 169.73
  • PWL: 167.77


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

EUR/GBP has been in a ranging for the past two weeks, which I think will continue until the next European Central Bank monetary policy meeting next week (barring any major surprise events).  The previous week’s high and low are probably the best candidates to attract limit orders, with my bias towards playing the .8300 – .8330 area as a support area given the move higher over the past month.  Of course, with any ranging pattern, always have a breakout play in your back pocket ready to go!

  • WO: .8357
  • Top WATR: .8420
  • Bottom WATR: .8319
  • PWH: .8400
  • PWL: .8328

Risk Disclosure
Q4 2013 Trading Performance Review
Read about my trading framework
Follow me on
Follow me on Twitter
Like my Facebook page

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.