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This descending channel on EUR/JPY‘s 4-hour forex chart has been holding for quite some time and although I’ve already caught some pips off this one, I’m still looking for a chance to hop in again.

Right now, the price is testing the channel support and might be setting up for a countertrend playback to the resistance near the previous week’s high. Stochastic is on the move up too so the euro bulls might be in control.

EUR/JPY 4-hour Forex ChartEUR/JPY 4-hour Forex Chart
EUR/JPY 4-hour Forex Chart
  • WO: 127.40
  • Top WATR: 128.69
  • Bottom WATR: 126.12
  • PWH: 130.90
  • PWL: 125.80


Divergence alert! GBP/JPY is currently testing the descending trend line visible on its 1-hour forex time frame and might be ready to resume its drop.

GBP/JPY 1-hour Forex Chart
GBP/JPY 1-hour Forex Chart

Stochastic made higher highs while price made lower highs, indicating a buildup in bearish pressure. In that case, the trend line and 61.8% Fib could keep gains in check and push for a move back to the previous week low near 160.00.

  • WO: 164.46
  • Top WATR: 166.80
  • Bottom WATR: 162.13
  • PWH: 170.63
  • PWL: 159.83


Here’s another potential trend correction play on EUR/GBP. The pair has been slowly trending higher, moving above an ascending trend line on its 4-hour forex chart.

EUR/GBP 4-hour Forex Chart
EUR/GBP 4-hour Forex Chart

Price seems to be in the mood for a pullback, possibly to the 61.8% Fib which coincides with the bottom WATR, PWL, and trend line. Stochastic is nearing the oversold area, hinting that buyers could take over soon and push price back up to the PWH near .7900.

  • WO: .7751
  • Top WATR: .7827
  • Bottom WATR: .7675
  • PWH: .7898
  • PWL: .7661

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