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EUR/JPY

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

I got a potential double top breakout on my watchlist, so this descending triangle is an eye candy to me. Euro bulls are still losing ground with EUR/JPY popping up lower highs on the 1-hour chart. However, they’re still in control of the 117.50 support so it would be interesting to see how this pattern plays out.

A break above the trend line could push the pair all the way to the top WATR area near 119.00. Meanwhile, a downside breakout could drag the pair down to the 116.50 area of interest on the higher time frames.

  • WO: 117.62
  • Top WATR: 118.82
  • Bottom WATR: 116.26
  • PWH: 119.05
  • PWL: 117.32

GBP/JPY

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

GBP/JPY’s downtrend lives for another day! The pair is about to bounce from what looks like a double bottom pattern and could be headed back to the channel resistance around the 139.00 area. But keep an eye on stochastic, which has just landed on the overbought territory and could limit the pound’s upside move to its mid-channel area near 138.00.

If the pair sustains its bullish momentum, then we could be looking at a retest of the tWATR and PWH levels. But if the bears gain control, then EUR/GBP could retest its 137.00 support and even make new monthly lows closer to 136.00.

  • WO: 137.47
  • Top WATR: 139.41
  • Bottom WATR: 135.56
  • PWH: 139.91
  • PWL: 137.07

EUR/GBP

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

It’s game time for EUR/GBP! The pair is currently testing the rising trend line that’s part of a symmetrical triangle on the daily chart. Stochastic is also around the oversold area, which could attract even more euro bulls.

A bounce from the trend line could shoot the pair all the way to the top WATR area or even the .8700 and .8800 areas of interest on the chart. Meanwhile, a break below this month’s lows could urge the bears to take it to the bottom WATR or the pair’s December lows near .8355.

  • WO: .8553
  • Top WATR: .8640
  • Bottom WATR: .8453
  • PWH: .8591
  • PWL: .8495

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