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EUR/JPY

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

EUR/JPY switched back in to downtrend mode last week, but I’m not sure if this is a pullback in the longer-term trend or a legitimate swing in broad market sentiment.  We saw that 138.00 was a strong area of the past, so a pullback to the level may draw in support this week. For those in the bear camp, a pullback to the moving averages and top WATR level might draw in seller interest and continue last week’s momentum to the down side.

  • WO: 138.62
  • Top WATR: 139.49
  • Bottom WATR: 137.76
  • PWH: 140.21
  • PWL: 138.38

GBP/JPY

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

Volatility dried up big time for Guppy last week, staying only within a 200 pip range which is below its 260 pip average range of movement.  With a busy forex calendar ahead, this could be an easy consolidation break setup, with my bias towards playing the trend higher.  I’ll be on the lookout for now on a break of the PWH, and with a busy calendar, I’ll probably wait for a move all the way down to the bottom WATR level before considering hopping in.

  • WO: 177.39
  • Top WATR: 178.71
  • Bottom WATR: 176.08
  • PWH: 178.74
  • PWL: 176.65

EUR/GBP

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

For EUR/GBP, it’s still all about that downtrend move that just keeps ticking along.  Much like the other currency crosses, volatility slowed down a bit last week, which to me, looks like a breakout setting up on the recently tested .7800 major psychological area. A breakout of .7800 and the PWL may be something to nibble on, as well as any pullbacks higher to the top WATR, moving averages and the falling trendline.

  • WO: .7814
  • Top WATR: .7860
  • Bottom WATR: .77.61
  • PWH: .7890
  • PWL: .7784

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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.