EUR/JPY
EUR/JPY reacted incredibly well to the 100 SMA last week, but overall volatility slowed to a crawl. I’m still watching this pair for sell opportunities, but volatility will most likely remain low with the forex calendar light on tier one events, making even counter trend range reversals a possible short-term play.
- WO: 138.97
- Top WATR: 139.95
- Bottom WATR: 138.00
- PWH: 139.32
- PWL: 138.14
GBP/JPY
GBP/JPY made strides to get back above the moving averages after testing strong major psychological support at 170.00, but its rally hit a wall at strong resistance just under the 172.00 psychological level. The area with the top WATR level coincides with previous resistance levels, so unless we get a new catalyst this week, I’ll be looking for sell signals in that area. 170.00 is still an area to watch as well if the driving themes remain the same this week.
- WO: 171.61
- Top WATR: 172.85
- Bottom WATR: 170.37
- PWH: 171.87
- PWL: 169.81
EUR/GBP
EUR/GBP‘s downtrend is still a go in my opinion, but retracement traders haven’t had much luck jumping in on this one. Given the recent breakdown behavior, I’m strongly considering going short on a breakdown of PWL, but that doesn’t mean a short on a pullback higher is off the table since the alignment of moving averages and the top of its weekly volatility range is a very attractive sell area.
- WO: .8097
- Top WATR: .8138
- Bottom WATR: .8097
- PWH: .8159
- PWL: .8081
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