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

We finally got a little bit of volatility to push EUR/JPY around last week and the pair even broke 142.00, but it didn’t last long as it hit snoozeville mid-week and the pair fell back below 142.00 to remain rangebound.  Since we’re in a new month, odds are that volatility will pick up again around the major news events on the forex calendar, but I’m staying in rangebound mode and looking at the top and bottom WATR levels as my boundaries for possible reversal plays.

  • WO: 141.84
  • Top WATR: 142.84
  • Bottom WATR: 140.85
  • PWH: 142.47
  • PWL: 140.99


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

Guppy made an very nice rally higher all through last week, but was hit with sudden weakness and pulling back on some of its gains to close out the week.  The pair is now testing a rising trendline that has held nicely over the past few weeks, and with the stochastic indicator showing oversold conditions again, it may be worth a look again for guppy bulls.  A downside break is also something to keep an eye out for, with the previous swing low as a potential support level.

  • WO: 172.48
  • Top WATR: 173.81
  • Bottom WATR: 171.15
  • PWH: 173.47
  • PWL: 171.27


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

In my Weekly Watch last week, I mentioned that .8235 – .8280 was my chance to jump into the downtrend at a better price, but unfortunately I missed the boat as I didn’t take action when EUR/GBP hit .8250 and dropped soon after.  It’s now two weeks of hanging out between .8200 – .8250–and with important data coming this week–it might be time to switch to breakout plays if we get a new catalyst.  With that said, the PWH and top WATR level is one to watch to see if forex traders are willing to play the longer-term trend lower.

  • WO: .8223
  • Top WATR: .8266
  • Bottom WATR: .8180
  • PWH: .8259
  • PWL: .8196

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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.