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

And once again, the Japanese yen takes yet another beating last week, pushing yen pairs like EUR/JPY up to the moon!  As for EUR/JPY, it’s clear the trend is up and with the pair breaking the 2013 high of 145.69, we could see more momentum buyers drawn in on the move. Now that I’ve closed my EUR/JPY short play, I’ll be looking to go long now if I see a pull back to the bottom WATR and moving average area.

  • WO: 145.93
  • Top WATR: 147.08
  • Bottom WATR: 144.78
  • PWH: 145.81
  • PWL: 144.78


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

It’s a rare occasion that we see different price behavior between EUR/JPY and GBP/JPY, but that’s what we got thanks to a really bearish week in the British pound.  With two opposing weak currencies, it’s no surprise that Guppy stayed on a sideways path to stay in-between 181.00 and 185.00.  I think the yen is still the weaker of the two currencies, so I may consider a buy around the previous week low/bottom WATR levels.  And if the pair does re-test the resistance around 184.70, then I may consider a buy with a small position if the momentum is still strong.

  • WO: 182.60
  • Top WATR: 184.25
  • Bottom WATR: 180.96
  • PWH: 184.68
  • PWL: 181.07


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

As I mentioned in my GBP/JPY thoughts above, the British pound had a pretty terrible week, falling even to the very weak euro on the charts. Given the strong upside momentum on EUR/GBP, I’d consider this buying this pair IF there wasn’t a potential major resistance area staring me in the face. There are a few major U.K. economic events on the forex calendar this week that could continue to spell bad news for Sterling, which is why if  I see support show up around the bottom WATR level, also a minor psychological level of interest (.7950), I may look to take a nibble on a long play.  The same goes for a strong upside break of the major psychological level .8000, but if it does hold, it’s not a bad idea for a reversal play given that this area has held well as resistance since June.

  • WO: .7991
  • Top WATR: .8041
  • Bottom WATR: .7942
  • PWH: .8000
  • PWL: .7801

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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.