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EUR/JPY

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

EUR/JPY went into counter-trend mode last week, now retesting a strong area of previous interest between 128.50 – 129.00. The question now is, “will sellers jump in now?” Of course we won’t know until we know, but I’m not against a small nibbler in the is area.  But given that the pair is essentially in a consolidation pattern now and in the middle of the recent range, I think the best move is to wait until we see a test of the area between top WATR (130.00 psychological area) and the top of the consolidation area (131.00)

  • WO: 128.54
  • Top WATR: 130.06
  • Bottom WATR: 127.02
  • PWH: 128.73
  • PWL: 126.10

GBP/JPY

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

GBP/JPY is another market that has been in consolidation mode for the past few weeks, although volatility has picked up nicely for short-term traders to take advantage of.  Fore this week, there are two ways to look at a chart like this: either as a breakout play or a reversal play at the top/bottom of the range. I’ll have to do a little digging into this week’s forex calendar for catalysts, but until I see something potentially game changing, I’m watching out for reversal plays at the top WATR level (also a minor psychological level) and the major psychological level that quickly turned the market last week at 175.00.

  • WO: 177.58
  • Top WATR: 179.26
  • Bottom WATR: 175.90
  • PWH: 178.74
  • PWL: 174.89

EUR/GBP

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

EUR/GBP’s price action consolidated last week, meaning we’re still in a bearish market for the time being.  .7250 – .7300 still looks attractive to sellers, as well as a strong break of last week’s strong support area, around .7170. It’s hard for me to go bullish on this pair without a strong break of the .7300 handle, but even then, the upside looks limited with .7375 as major resistance through out March.

  • WO: .7239
  • Top WATR: .7305
  • Bottom WATR: .7174
  • PWH: .7270
  • PWL: .7164

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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.