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EUR/JPY

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

EUR/JPY ain’t done with its correction, as the pair pulled up for an even larger retracement to its broken support area. The 61.8% Fib seems to have held and price is now turning back south, possibly going for the PWL near the 120.50 minor psychological mark. A near-term floor can also be found close to the bottom WATR or 121.50 area as stochastic is approaching the oversold region. This week’s set of medium-tier euro zone reports such as PMI readings and IFO business climate data could spur volatility for the pair.

  • WO: 122.66
  • Top WATR: 123.81
  • Bottom WATR: 121.52
  • PWH: 122.95
  • PWL: 120.54

GBP/JPY

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

GBP/JPY looks ready to resume its slide after filling the weekend gap and pulling back from its head and shoulders neckline break. A descending trend line can be drawn to connect the latest highs on the 1-hour chart and price seems to be turning from this resistance area, which lines up with the 61.8% Fib and 142.00 major psychological mark. If bears take over, Guppy could head back to the previous week lows or lower. Just watch out for the U.K. High Court ruling this week and the Q4 preliminary GDP release!

  • WO: 141.48
  • Top WATR: 143.50
  • Bottom WATR: 139.46
  • PWH: 142.17
  • PWL: 136.49

EUR/GBP

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

So much for that upside channel breakout! EUR/GBP quickly filled last week’s gap and settled back inside the formation, making its way back down to bottom of the channel. This lines up with the previous week low and is close to the bottom WATR, which might be enough to keep losses in check. A bounce could take the pair back up to the previous week high around the .8850 minor psychological level as stochastic is heading north from the oversold region.

  • WO: .8647
  • Top WATR: .8739
  • Bottom WATR: .8555
  • PWH: .8853
  • PWL: .8610

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