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

Once again, bearish euro sentiment did not change, and in EUR/JPY that meant another 400+ dip over the last week.  With still a clear bias to the downside, more sellers may hop into the downtrend and for me I’ll be watching the falling moving averages as potential dynamic resistance tools. One thing to take note of is that the pair is retesting the major psychological area of 140.00, so a bounce may be in the cards, especially with Stochatic showing oversold conditions.

  • WO: 144.46
  • Top WATR: 141.38
  • Bottom WATR: 138.97
  • PWH: 144.53
  • PWL: 140.19


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

Guppy’s price action looks similar to EUR/JPY, which means a bearish bias and a similar potential resistance area area around the falling 200 moving average in purple.  That puts strong potential of resistance area for the bears around the 182.00 handle.

Another way to look as this chart is as a consolidation breakout setup as Guppy traded in a tight 100ish pip range through the latter half of last week.  With the right catalyst, a simple breakout of that consolidation area could draw in momentum plays and a strong directional move.

  • WO: 179.57
  • Top WATR: 181.26
  • Bottom WATR: 177.88
  • PWH: 184.44
  • PWL: 179.25


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

EUR/GBP pulled back higher last week, and as expected, sellers kept this longer-term downtrending pair from breaking the potential resistance area around .7850. With the downtrend still intact, I’ll continue to look at this area to draw in sell orders and a big time target of the previous week low which may hold as support, or give way to the sellers to create a nice momentum move lower.

  • WO: .7805
  • Top WATR: .7854
  • Bottom WATR: .7757
  • PWH: .7875
  • PWL: .7745

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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.