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Price Action Setups Ahead of BoJ, FOMC, BOE and NFP

Price Action Setups Ahead of BoJ, FOMC, BOE and NFP

2017-01-26 20:56:00
James Stanley, Strategist
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Talking Points:

- If you’re looking for trading ideas, check out our Trading Guides. And if you’re looking for ideas that are more short-term in nature, please check out our Speculative Sentiment Index Indicator (SSI).

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- This is an archived webinar from a session hosted on January 26, 2017, in which we use price action to look at setups ahead of what’s expected to be a very busy week across global capital markets. DailyFX will have a plethora of webinars to guide traders through the next week, and if you’d like to sign up for any of those, please check out our webinar calendar.

- The first market we looked at was the Japanese Yen. Next week brings the Bank of Japan on Monday night (US, early Tuesday morning in Europe and Asia). The Japanese Yen has recently begun to show weakness again, similar to the robust trend that had developed after the Presidential Election in the United States. We had went in-depth behind this topic last week in the webinar entitled ‘The Return of Yen Trends,’ and with another week’s development of price action, it looks as though this return of Yen weakness is coming to fruition.

- We started off by looking at a bullish continuation setup in USD/JPY, but we then moved over to look at GBP/JPY as a more volatile manifestation of those Yen themes. If you’d like more information behind the price action setup in GBP/JPY, please check out our piece from yesterday entitled, Roaring Back to Life.

- We then moved over to look at possible USD-weakness plays as we have both the Fed and Non-Farm Payrolls next week combined with what could be a very pertinent Super Thursday out of the Bank of England. At the BoE’s last Super Thursday, the bank shifted inflation expectations and that led into a month of November that saw a really strong British Pound; even stronger than the U.S. Dollar while the Greenback was in the midst of a historic run. But recent price action has begun to exhibit trends of bullish continuation, and we outline how traders can look to work with that during the frothy economic calendar of next week. If you’d like more information on the current technical setup behind Cable, please check out our article entitled, ‘Fresh Highs After Brexit Ruling’.

--- Written by James Stanley, Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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