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

Yen bulls seem to be on top of their game at the moment, keeping EUR/JPY in selloff mode after testing the range resistance near the 123.00 major psychological level earlier in the month. However, euro buyers could regain control soon as price is approaching the range support at the 119.00 mark near the bottom WATR while stochastic is already making its way out of the oversold zone. If support holds, price could make its way back to the middle of the range near top WATR, but a breakdown could signal the start of a longer-term drop.

  • WO: 120.10
  • Top WATR: 121.26
  • Bottom WATR: 118.95
  • PWH: 121.84
  • PWL: 119.32


GBP/JPY 4-hour Forex Chart
GBP/JPY 4-hour Forex Chart

Breakdown alert! Guppy is already moving below the bottom of its descending triangle visible on the 4-hour time frame, hinting that pound bears are gaining enough energy to push for more declines. Note that the formation is approximately 700 pips tall so the resulting selloff could last by the same amount. Stochastic is starting to turn lower even without reaching the overbought area, which means that sellers are eager to take the upper hand since Article 50 will be invoked this week. Do watch out for nearby support at the bottom  WATR, though!

  • WO: 138.38
  • Top WATR: 140.13
  • Bottom WATR: 136.63
  • PWH: 140.41
  • PWL: 137.80


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

EUR/GBP has been trending lower these days, moving inside a falling channel on its 4-hour chart. Price gapped up over the weekend to show a pickup in bullish pressure but the rally could hit a ceiling at the channel resistance since stochastic is already indicating overbought conditions. A selloff could take it back down to the channel support near the bottom WATR or at least until the previous week low close to the .8600 handle. On the other hand, a break higher could mean a climb up to the area of interest at the top WATR and previous week high area.

  • WO: .8662
  • Top WATR: .8744
  • Bottom WATR: .8581
  • PWH: .8726
  • PWL: .8606

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