EUR/JPY EUR/JPY 1-Hour Forex Chart Despite a wicked spike in broad forex volatility last week, EUR/JPY closed out the week in a tigh...
EUR/JPY
EUR/JPY 1-Hour Forex Chart
Despite a wicked spike in broad forex volatility last week, EUR/JPY closed out the week in a tight range after a strong bounce off of the 137.00 level. The reason may be that both the euro and the yen were broadly stronger against most of the majors, and without a new catalyst this week, it’s likely that the two will continue to bump heads.
For me, the play of the week is to see if the strong support around 137.00 (also the PWL and bottom WATR level) is retested and if it holds. If thats the case, I’ll look to play it as a support area for a move to the PWH, and possibly beyond.
- WO: 138.54
- Top WATR: 139.92
- Bottom WATR: 137.16
- PWH: 138.92
- PWL: 137.08
GBP/JPY
GBP/JPY 1-Hour Forex Chart
Guppy bulls dropped it like it’s hot last week with the market taking a near 500 pip dive after testing the 195.00 handle. Risk aversion is the name of the game for now, so that’s what I’ll play if I see a solid bounce higher into previously broken support levels. 192.60 is the top of the weekly volatility range, so I’ll look there for potential short plays. And the bottom WATR is a likely target for support, especially since it does line up with a psychologically significant round number (189.00).
- WO: 190.84
- Top WATR: 192.60
- Bottom WATR: 189.08
- PWH: 195.28
- PWL: 191.35
EUR/GBP
EUR/GBP 1-Hour Forex Chart
EUR/GBP was a strong gainer on the week and even had enough “ooomph” to break above the previous strong resistance level at .7150. As per standard forex chart analysis, that level now goes onto the watchlist as a potential “broken-resistance-turned-support” area, a place to take a small long position if it holds.
The top WATR level is definitely one to watch as it was a previous reversal level back from March through May, so any upside move may be limited there unless sentiment remains strong to the upside.
- WO: .7259
- Top WATR: .7339
- Bottom WATR: .7180
- PWH: .7247
- PWL: .7026