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

Not a lot of volatility in last week’s EUR/JPY price action, but the recent uptrend remains intact. After a quick dip to the 133.50 minor psychological level, buyers had no trouble hopping back in and taking control–that makes my bias for this week to the upside.

On the one our forex chart above, we can see the 200 moving averages lining up with the bottom WATR level, which is also the major psychological level of 135.00. That’s an easy call for potential support if EUR/JPY takes another dip lower, and one I may be taking in my trading blog. I also can’t ignore the possibility that no pullback may come, making a break of the recent highs around 136.80 one to watch, especially for momentum traders.

  • WO: 136.46
  • Top WATR: 138.05
  • Bottom WATR: 134.88
  • PWH: 136.81
  • PWL: 133.49


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

Like EUR/JPY above, Guppy took a very slight dip lower at the beginning of last week before rocketing higher on various event catalysts from the U.K. The move was short-lived and spent the rest of the week consolidating around the 187.50 minor psychological level.

The strong uptrend still puts the chances of success to the long side, and in a pullback scenario, the bottom WATR area lines up with the 200 moving average and 38% Fibonacci retracement to draw in potential buyers. I’m definitely feeling that there’s a strong possibility of an upside breakout of the strong resistance around the PWH with the major psychological level of 190.00 as the next area of possible resistance.

  • WO: 187.72
  • Top WATR: 189.49
  • Bottom WATR: 185.95
  • PWH: 188.62
  • PWL: 184.59


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

Stepping out on the higher timeframes, we can see EUR/GBP is back to the middle of range that started in March between .7100 – .7400. So, it can go either way from here, but I think the longer-term timeframe dictates a short-bias in favor of the British pound.

This is a tough call for me, but given the recent strength in the euro across the board, I’m hesitant to start dropping short orders because I think .7300 – .7350 is the area where we’ll likely start to see resistance.  On the long side, I’d consider playing .7100 as support with a nibble position, especially since we are heading into the less active summer months.

  • WO: .7272
  • Top WATR: .7347
  • Bottom WATR: .7197
  • PWH: .7283
  • PWL: .7123

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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.