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EUR/JPY 4-hour Forex Chart
EUR/JPY Daily Forex Chart

Yen weakness prevailed for EUR/JPY last week but it looks like the pair is having trouble breaking past the area of interest around the 123.00 major psychological level. This coincides with the 61.8% Fibonacci retracement level and top WATR so it might hold as a strong ceiling, eventually pushing the pair down to the long-term support at 113.00 or at least until the nearby floor around 117.00. Stochastic has been indicating overbought conditions for quite some time and is now turning lower, with bearish pressure picking up after the ECB decision.

  • WO: 121.76
  • Top WATR: 123.03
  • Bottom WATR: 121.89
  • PWH: 121.89
  • PWL: 119.26


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

That short-term rising trend line on Guppy is still intact, as the pair made a test last week and bounced off support again. Price is on track towards testing the resistance at the PWH, possibly making its way up to the top WATR if bullish pressure remains in play. Stochastic is in the overbought region so buyers might need to take a break soon, but this may depend on how the U.K. top-tier events turn out this week. Stay on your toes if you’re trading this one!

  • WO: 145.19
  • Top WATR: 147.39
  • Bottom WATR: 143.00
  • PWH: 146.04
  • PWL: 143.00


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

After the recent break below the rising trend line on the 4-hour time frame, EUR/GBP pulled up for a quick retest last week before showing signs of resuming its selloff. The pair could head back to the PWL from here and make a test of the long-term floor at the .8300 major psychological level. Stochastic is indicating oversold conditions so buyers could try to regain control if U.K. reports turn out weaker than expected.

  • WO: .8375
  • Top WATR: .8478
  • Bottom WATR: .8272
  • PWH: .8570
  • PWL: .8317

Q3 2016 Trading Performance Review
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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.