As for us, our eyes, etc.; rather (correcting the reading of the first word), Our eyes were still wasting away (as we looked) for our help in vain. To the very last the Jews leaned on "that broken reed," Egypt (Isaiah 36:6); how vain that hope would be Jeremiah had already told them (Jeremiah 37:7, Jeremiah 37:8).
In our watching; i.e. earnestly and continually; or, on our watchtower.