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After seeing breakouts on the crosses recently, I’m hoping to catch short-term retracements this time. Take a look!

EUR/JPY

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

With the latest channel breakout on EUR/JPY, I’m popping out the Fibs to see if any corrections could take place while the pair is stalling below the 129.00 mark.

Stochastic is turning lower to show that bears are trying to regain the upper hand. The 61.8% Fibonacci retracement level lines up with the broken resistance around 125.00-125.50, which might hold as support moving forward.

If any of the Fibs hold as support, EUR/JPY could climb back to the swing high or even make a break higher. On the other hand, a move below the swing low could signal that bearish pressure is back in play.

  • WO: 128.03
  • Top WATR: 129.18
  • Bottom WATR: 126.88
  • PWH: 128.83
  • PWL: 124.42

GBP/JPY

GBP/JPY Daily Forex Chart
GBP/JPY Daily Forex Chart

Yen weakness seems to be buoying Guppy higher, possibly enough to take it up to the long-term ceiling at the 148.00 major psychological mark.

This could lead to the formation of an ascending triangle pattern on its daily time frame, and it could push the pair back to support around 142.00 later on. Stochastic is already indicating overbought conditions to show that buyers are getting tired and might let sellers take over soon.

There area a few top-tier reports lined up from the U.K. economy this week but a lot could hinge on how risk appetite fares, which could drive yen price action in the coming weeks.

  • WO: 145.83
  • Top WATR: 147.41
  • Bottom WATR: 144.25
  • PWH: 146.55
  • PWL: 141.57

EUR/GBP

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

EUR/GBP also seems to be slowing from its climb, even after breaking past several technical levels in the past few weeks.

This could be a sign that the pair needs to make a correction before heading further north, and applying the Fib tool on the latest swing low and high on the 4-hour chart shows that the 50% level lines up with a broken falling trend line.

Stochastic is in the oversold area and seems ready to pull up, which could be indicative of a shallow pullback. In any case, the line in the sand for the uptrend could be at the .8600 handle, and a strong break below this area could confirm that euro bears are in control.

  • WO: .8781
  • Top WATR: .8848
  • Bottom WATR: .8715
  • PWH: .8880
  • PWL: .8765

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