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

Last week’s price action ended up being a big snoozer, which setups up the potential for breakout plays with the right catalyst.  As for EUR/JPY, 141.00 – 142.00 is the clear range on the one hour forex chart above and the action has been sideways, indicated by the moving averages intertwining closer each week.

Unless we do get a knockout catalyst, I see the moves on a breakout to limited to the WATR levels as they line up with major/minor psychological levels.

  • WO: 141.49
  • Top WATR: 142.53
  • Bottom WATR: 140.46
  • PWH: 142.00
  • PWL: 141.03


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

Despite seeing some action mid-week, Guppy’s volatility was still much tighter than the usual.  The momentum seems to have shifted to the downside for now, so I’m watching for a breakout of last week’s low around 171.36 for a possible short entry and April lows around 170.00 as my target.  173.00 is still a major resistance area to watch out for and if it’s able to break above that and top WATR, look for potential momentum players to jump in and target the next resistance area around 174.50.

  • WO: 171.78
  • Top WATR: 173.15
  • Bottom WATR: 170.41
  • PWH: 172.79
  • PWL: 171.36


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

EUR/GBP is one of the few pairs to demonstrate some type of trending behavior as a pull back from the downtrend was limited to the minor psychological area around .8250 and it seems like sellers are hopping back on.  For me, I still like this pair for a downtrend play, but with an action packed calendar this week, I’ll be a little cautious with my entry area.  I see .8235 – .8280 as my chance to jump into the downtrend at a better price.

  • WO: .8235
  • Top WATR: .8280
  • Bottom WATR: .8191
  • PWH: .8247
  • PWL: .8197

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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.