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

The picture hasn’t changed much for EUR/JPY with the broad Japanese yen selling still the thing to do among forex traders.  After snoozing in the front half of the week, volatility kicked back into gear after weak Japanese data and ECB comments on when we may or may not see potential QE.

This week could be more of the same, meaning a focus on Japanese yen selling, which I especially like if there’s a pullback to the bottom WATR level and moving averages.  Those moving averages held well as dynamic support last week, and we could see the same response once again this week if the overall story for Europe and Japan remains the same. The 150.00 area could be a potential strong resistance area, especially given the 1500 pip rally the pair has made since mid-October.

  • WO: 149.41
  • Top WATR: 150.62
  • Bottom WATR: 148.20
  • PWH: 149.51
  • PWL: 147.03


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

The technical picture for Guppy looks pretty similar to EUR/JPY, still very bullish after a 400 pip rally last week.  A slight difference is that Guppy is only a stone throw away from its potentially strong, major psychological level (190.00), so if selling strength comes, we could see it hit the pair much sooner.

I’ll look to hop into this pair once again, especially on a pullback to the rising moving averages and bottom WATR area, but if there is no pullback and we still see strong momentum break the 190.00, we could see more buyers hop in to keep the party going.

  • WO: 189.44
  • Top WATR: 191.12
  • Bottom WATR: 187.77
  • PWH: 189.71
  • PWL: 185.04


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

It was a roller coaster ride for EUR/GBP traders last week on a strong bearish move not too long after the week open, a strong bounce, and then resistance once again at the moving averages/Fibonacci retracement level.  Since I don’t see hardly any major top tier economic events on the forex calendar, technicals can be the market driver for currency traders to take action on.  For me, that mean watching the area between the moving averages, Fibs and top WATR area for potential resistance, and to hold on to my EUR/GBP short.

  • WO: .7885
  • Top WATR: .7936
  • Bottom WATR: .7834
  • PWH: .7977
  • PWL: .7832

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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.