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

It was more or less another low volatility week for EUR/JPY, but we’re starting to see an upside bias over the last couple of weeks.  This is due to a broad shift towards positive risk sentiment since we’ve seen a decline in news headlines on geopolitical tensions (not good for the Japanese Yen). If the news stays quiet, a dip lower may be a short-term opportunity to sell more Yen so I’ll be watching the moving averages and bottom WATR level for bullish candle formations.

  • WO: 137.64
  • Top WATR: 138.39
  • Bottom WATR: 136.90
  • PWH: 138.01
  • PWL: 136.81


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

Much like EUR/JPY above, Guppy is on the move higher despite the broad weak Sterling sentiment we’ve seen since the beginning of July. Again, if the geopolitical tensions continue to die down, this fresh turn higher may not only be a one week deal.  It looks like there may be resistance at current levels, so I’ll be watching for a pullback down to the moving averages and bottom WATR level for a potential short-term buying opportunity.

  • WO: 172.46
  • Top WATR: 173.48
  • Bottom WATR: 171.44
  • PWH: 172.62
  • PWL: 170.71


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

EUR/GBP seems to be moving into sideways price action, which makes sense as we near the end of August, as well as the end of summer.  With the lack of foreseeable major catalysts this week, there’s a good chance the consolidation behavior will continue.

For this week, I’ll look to do reversal plays on EUR/GBP if the top or bottom WATR levels are tested.  But to be honest, I am more downside biased because of the weakening conditions in Europe, and the top WATR area has more arguments for sellers to jump in with the moving averages and major psychological handle (.8000).

  • WO: .7980
  • Top WATR: .8019
  • Bottom WATR: .7941
  • PWH: .8028
  • PWL: .7970

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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.