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

No changes in EUR/JPY as it maintained its steady grind lower last week, making it an easy choice to stay with a downward bias this week. Of course, I’m always looking it to get in at a better price, and a pullback to the 200 MA/PWH/top WATR area would certainly grab my attention to potentially put in a short position.

But I’m also watching the strong support that’s formed around 129.80 to see if it will breakdown.  Last thing to consider is that the market is trading around the major psychological handle of 130.00, which means that without a big catalyst this week, the market could consolidate around current levels for a while.

  • WO: 130.11
  • Top WATR: 131.22
  • Bottom WATR: 129.01
  • PWH: 131.04
  • PWL: 129.67


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

The chart on Guppy looks very similar to EUR/JPY, but we see a more defined triangle pattern to likely draw in sellers or at least more eyeballs ready to take action. I’m in that latter camp, and if there is a break of the PWL, I’ll scrap my “break-n-retest” idea and go for it with a small nibbler position. And very much like EUR/JPY, a pullback to the top WATR/200 MA is almost an automatic short setup for me.

  • WO: 184.69
  • Top WATR: 186.31
  • Bottom WATR: 183.08
  • PWH: 186.98
  • PWL: 184.26


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

EUR/GBP made an upside break out from recent consolidation, but sellers were quick to jump in at last week’s PWH/WATR area to quickly push the pair back down to Earth.

Since then, it made a steady move higher to close out the weak, so I think there are still buyers around, making a pullback higher the setup I’ll be watching out for to play my downtrend bias. I’ve also pointed out a rising trendline, so a break lower with the right catalyst is something I’ll be watching out for with strong support around the PWL/bottom WATR as the target.

  • WO: .7008
  • Top WATR: .7075
  • Bottom WATR: .6942
  • PWH: .7079
  • PWL: .6983

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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.