Partner Center Find a Broker

EUR/JPY

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

EUR/JPY is aiming for the top of its range visible on the 4-hour time frame, as the pair clawed its way back up from the support around the 121.00 major psychological level. If the resistance around the 123.50 minor psychological mark holds, price could head back to the bottom of the range or at least until the area of interest at the bottom WATR. Stochastic is already indicating overbought conditions so euro bulls might need to take a break soon, but the upcoming BOJ statement could still serve as a breakout catalyst.

  • WO: 123.08
  • Top WATR: 124.21
  • Bottom WATR: 121.96
  • PWH: 123.31
  • PWL: 121.13

GBP/JPY

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

After breaking above that descending trend line I was watching last week, Guppy is starting a new trend and is now moving above a short-term ascending trend line. The PWH seems to be keeping gains in check for now so a pullback to the rising support area could be in the cards while stochastic is heading south. However, a break below the trend line and bottom WATR could push it back on its long-term selloff. Better watch out for the BOE monetary policy decision and the BOJ statement this week!

  • WO: 144.40
  • Top WATR: 146.41
  • Bottom WATR: 142.39
  • PWH: 144.79
  • PWL: 140.77

EUR/GBP

EUR/GBP Daily Forex Chart
EUR/GBP Daily Forex Chart

Reversal alert! Sterling keeps putting up a strong fight against the euro and might be in for another big push higher with this long-term head and shoulders pattern. The neckline is located right around the PWL and bottom WATR so it would take a major catalyst to trigger a breakdown. Stochastic is in the oversold region, though, which means that sellers are already feeling a bit exhausted at this point. Don’t forget to keep tabs on the BOE decision and Brexit-related headlines when trading this one.

  • WO: .8523
  • Top WATR: .8615
  • Bottom WATR: .8431
  • PWH: .8663
  • PWL: .8471

Q4 2016 Trading Performance Review
Risk disclosure
Read about my trading framework

These are some of our favorite trading books, and BabyPips.com receives a small credit from any purchases through the Amazon links above to help support the free content and features of our site…enjoy!

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.