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EUR/JPY Daily Forex Chart
EUR/JPY Daily Forex Chart

In case you’re wondering why EUR/JPY is having trouble establishing a clear direction lately, then zooming out to the daily time frame might help! On this chart, it can be seen that the pair is stuck around a long-term area of interest between 122.00 to 124.00. Stochastic seems to be on its way down so price could follow suit, but bears might want to wait for a break below the current consolidation before taking any short positions. On the other hand, an upside breakout past the PWH and top WATR could allow the climb to resume.

  • WO: 123.25
  • Top WATR: 124.47
  • Bottom WATR: 122.03
  • PWH: 123/86
  • PWL: 121.59


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

Guppy is also stalling around an area of interest but on a shorter-term time frame. Price is testing the resistance-turned-support-turned resistance around the 144.50-145.00 levels, and a head and shoulders pattern could be completed if this holds as a ceiling. From there, the pair could test the neckline around the 143.00 mark and bottom WATR before confirming if a downtrend is in order or not. Note that the chart formation is around 500 pips tall so a selloff could last by the same amount.

  • WO: 144.67
  • Top WATR: 147.62
  • Bottom WATR: 142.63
  • PWH: 144.70
  • PWL: 142.18


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

Here’s another reversal pattern on EUR/GBP! Price seems to have broken above the neckline of a sketchy double bottom formation visible on its 4-hour chart. This signals that an uptrend is due, possibly lasting by around 200 pips or the same height as the chart pattern. The pair has pulled back to the neckline, which seems to be holding as a floor for the time being while stochastic is indicating oversold conditions. But if bears stay in control, price could test the bottoms near .8300 or the bottom WATR once more.

  • WO: .8519
  • Top WATR: .8615
  • Bottom WATR: .8423
  • PWH: .8663
  • PWL: .8490

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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.