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post-ECB, BoJ Price Action Setups

post-ECB, BoJ Price Action Setups

2017-04-27 19:46:00
James Stanley, Strategist
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- In this webinar, we used price action-based methods to look at macro markets after this morning’s rate decisions out of Japan and Europe.

- We started with EUR/USD, which has continued in a relatively bullish state for much of 2017, producing a trend-channel that consolidates resistance at a key Fibonacci level at 1.0933. For bullish re-entries, we looked at the level around 1.0820. For more information behind this setup, please check out our article from earlier today entitled, ECB, BoJ Temper Tapering Concerns.

- We then moved over to USD/JPY, which has also been putting in bullish moves of recent. Given the veracity and length of the down-trend before this recent spate of strength, and awaiting a break back-above the zone of resistance from 111.61-112.40 could make the prospect of top-side continuation significantly more attractive.

- We then looked at EUR/JPY as a way to mesh the two above themes together. Current resistance is showing at a key Fib level of 121.95, but there are a couple of potential mechanisms for re-entry that we walked through in the webinar. For more information behind this setup, please check out our technical article from yesterday entitled, Threatening a Bullish Break of a Bear Pennant.

--- 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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