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EUR/JPY 1-hour Forex Chart
EUR/JPY 1-hour Forex Chart

Is it just me or does EUR/JPY look exhausted from its climb? The ECB did extend its QE program after all so bearishness has been creeping in. Price is starting to consolidate in a rising wedge formation on its 1-hour chart and is currently testing support while stochastic is nearing the oversold zone. A bounce off the wedge support could lead to another test of the resistance near the PWH while a break lower could push it down to the bottom WATR and PWL region.

  • WO: 123.17
  • Top WATR: 124.44
  • Bottom WATR: 121.91
  • PWH: 124.30
  • PWL: 121.53


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

So far so good for pound bulls! Guppy is still moving above its rising trend line that’s been holding since mid-November and looks ready for a test of support. If buyers are still up for it, the pair could move up to the PWH at the 148.50 minor psychological resistance or onto the top WATR. Stochastic is still pointing down and suggesting that sellers are in control of the game, possibly triggering a move below the trend line onto the PWL and bottom WATR support or much lower.

  • WO: 147.24
  • Top WATR: 149.44
  • Bottom WATR: 145.05
  • PWH: 148.46
  • PWL: 144.92


EUR/GBP 1-hour Forex Chart
EUR/GBP 1-hour Forex Chart

Euro and pound traders have been battling it out these days, keeping EUR/GBP locked in a tight range between the .8330 area to .8340. The pair could make another test of the short-term floor, which is close to the PWL, and bounce right back up to the top or break out in either direction to set off a test of the WATRs. But without any major catalysts on deck for both currencies, the pair could be stuck in this consolidation pattern for yet another week!

  • WO: .8364
  • Top WATR: .8467
  • Bottom WATR: .8261
  • PWH: .8429
  • PWL: .8334

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