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EUR/JPY

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

Forex volatility picked up last week, but EUR/JPY didn’t break out of the symmetrical triangle I pointed out early in the week. The picture has slightly changed in that we’re still seeing higher “lows,” but the resistance looks like a horizontal one around the 137.50 minor psychological area. This rising triangle pattern suggests a potential upside break, but I wouldn’t be sleeping on a downside move because of the recent downside sentiment in June. Going into watch mode for a break in this pair.

  • WO: 135.95
  • Top WATR: 137.44
  • Bottom WATR: 134.46
  • PWH: 137.32
  • PWL: 135.54

GBP/JPY

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

Guppy also saw some volatility last week, but the pair continues to be a snoozer for swing traders with the strong resistance around 194.00 holding the upside momentum down. This week is likely to be different with a very heavy U.K. economic calendar this week, so I’ll likely stay away.  But if that bottom WATR area does get tested and holds, look out for a potential new forex trade idea to play the longer-term uptrend and positive interest rate carry trade.

  • WO: 193.74
  • Top WATR: 195.50
  • Bottom WATR: 191.00
  • PWH: 194.59
  • PWL: 191.03

EUR/GBP

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

The market was jumping around in EUR/GBP as well, with a strong move to the downside on U.K. strength (great for my EUR/GBP short trade), and then a bounce on broad euro strength at the end of the week.  The picture on this pair changed as well, creating a symmetrical triangle patter of higher “lows” and lower “highs.” I’m still biased to the down side, I’ll be watching for a retest of the top WATR and falling trendline marked in the one hour forex chart above to see if sellers will hold that area to play the longer-term downtrend.

  • WO: .7018
  • Top WATR: .7098
  • Bottom WATR: .6938
  • PWH: .7159
  • PWL: .6986

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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.