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As I’ve shown y’all in my trade watchlist blog post late last week, EUR/JPY already broke below that symmetrical triangle I was looking at and is pulling up for a retest.

The 50% Fib level is close to the broken support area, which might hold as resistance from now on. A higher pullback could last until the 61.8% Fib, which is closer to the top WATR and PWH. Stochastic is still on the move up so euro bulls might have enough energy for a larger retracement.

EUR/JPY 4-hour Forex Chart
EUR/JPY 4-hour Forex Chart
  • WO: 113.57
  • Top WATR: 114.79
  • Bottom WATR: 112.15
  • PWH: 114.45
  • PWL: 112.07


GBP/JPY 4-hour Forex Chart
GBP/JPY 4-hour Forex Chart

Pound bears may have been on top of their game last week but bulls are putting up a strong fight, allowing the bottom of Guppy’s triangle formation to hold.

Stochastic is slowly making its way out of the oversold area to indicate a return in buying pressure, possibly taking the pair back up to the triangle resistance or at least until the top WATR and PWH.

If bears continue to push, however, price could eventually break below the 130.00 mark and carry on with its slide.

  • WO: 130.96
  • Top WATR: 133.40
  • Bottom WATR: 128.52
  • PWH: 133.48
  • PWL: 130.42


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

EUR/GBP is inching closer to the top of the ascending channel resistance on its 4-hour chart but is currently stalling close to the previous highs near the .8700 major psychological mark.

Euro bulls could still push it up to the top WATR or the .8800 handle before price turns lower while stochastic is also nearing the overbought area, likely bringing the pair down to the mid-channel area of interest at .8600-.8650.

  • WO: .8657
  • Top WATR: .8742
  • Bottom WATR: .8571
  • PWH: .8680
  • PWL: .8535

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.