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EUR/JPY

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

Another choppy week for EUR/JPY, which is almost expected as the BOJ and ECB are the two major central banks who are expected to keep running their easy money policies for quite some time.  With a forex calendar mostly lacking of major tier one events for both currencies, the sideways action may continue.  For me, I’m going to watch for a return to the bottom of the range (around PWL and bottom WATR) before considering a play on this pair.

  • WO: 138.69
  • Top WATR: 139.51
  • Bottom WATR: 137.87
  • PWH: 138.28
  • PWL: 138.10

GBP/JPY

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

It was big breakout for Sterling last week, and with any new momentum, it’s a new opportunity to jump in a potential new trend.  The pair topped out its move around the major psychological handle at 175.00, so it wouldn’t be out of the realm of possibility to see a profit taking pullback from here.  If we do see the pullback, the first areas to watch are the 38% Fibonacci and then the 50% Fib/bottom WATR level.  It wouldn’t be crazy to short at these levels, but it’s high risk you’d be caught in a “melt up” higher from here.

  • WO: 175.08
  • Top WATR: 176.20
  • Bottom WATR: 173.97
  • PWH: 175.37
  • PWL: 172.38

EUR/GBP

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

EUR/GBP is also benefitting from the big spike in Sterling, so the general play of the week is to see if we’ll get a pullback to jump in the long-term trend lower.  The top WATR level is lining up with the falling moving averages, so that’s the area I’ll be keeping an eye out for in case a pullback does form. Of course, a breakout lower is not out of the question, so keep an eye on that for a potential move to the next major psychological level.

  • WO: .7924
  • Top WATR: .7965
  • Bottom WATR: .7883
  • PWH: .8028
  • PWL: .7919

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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.