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

Volatility picked up thanks to major news events and the market found its way higher.  It looks like the trend may be turning higher after bouncing off of the 138.00 handle, so we could see buying support on any pullbacks lower to between 139.00 – 139.50. On the higher timeframes, the pair is nearing a 61% Fib level to possibly draw in sellers back into the longer term trend.  Something to watch out for is potential resistance between 140.50 – 140.75.

  • WO: 139.84
  • Top WATR: 140.76
  • Bottom WATR: 138.93
  • PWH: 139.99
  • PWL: 138.66


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

It was a steady grind higher last week for guppy, so I suspect we’ll see something similar this week.  Pullbacks could be shallow, with the exception of a spike in volatility during this week’s U.K. events.  If it pulls back as far as the bottom WATR (which lines up with a major psychological level), it’s a very attractive long setup for me that I may just take.

  • WO: 172.28
  • Top WATR: 173.49
  • Bottom WATR: 171.08
  • PWH: 172.51
  • PWL: 170.46


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

Like most forex pairs last week, EUR/GBP saw its share of volatility spikes, but it ended up not too far from where it started the week.  I still consider this pair in a downtrend, and I think traders will be eyeing the week open to the top WATR/PWH as the sell area if market drivers stay the same.  If the market does get down to the bottom WATR area, I think we’ll most likely see support as we head into the summer trading season and we lack major events this week.

  • WO: .8116
  • Top WATR: .8156
  • Bottom WATR: .8077
  • PWH: .8150
  • PWL: .8064

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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.