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post ECB, BoJ Price Action Setups

post ECB, BoJ Price Action Setups

James Stanley, Senior Strategist

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- This is an archived webinar from Thursday, July 20th; held after the European Central Bank and Bank of Japan rate decisions. If you’d like to attend a DailyFX Webinar, please check out our webinar calendar.

- The first market we looked at was EUR/USD after an extended bullish movement around the ECB meeting earlier in the morning. At that meeting, ECB President Mario Draghi appeared to echo his usual dovish tone, but Euro bulls seemed to care little as the Euro popped-higher at the start of the press conference and continued to gain throughout the event. This leaves EUR/USD in an extreme bullish state, and we looked at mannerisms of re-entry.

- We then moved over to ‘DXY’ to show just how weak the Dollar has become. The Greenback has taken out the August 2016 low, and there is but one target remaining in our Q3 Forecast for USD, and we are but three weeks into the new quarter.

- We then looked at the Japanese Yen, which had appeared to put in bearish movement after BoJ earlier in the morning; but after USD-weakness took over, USD/JPY fell-back to a key support level around 111.61.

- We then looked at GBP/USD, which appears to be putting in the initial stages of bearish momentum. To read more, please check out our technical article published on Friday, July 21st.

- We then moved over to EUR/JPY, which could eventually become an attractive way to buy Euros if looking to avoid the Dollar. The key level here is 128.52, and this can be a novel area to investigate for stop placement for bullish continuation approaches.

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

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Contact and follow James on Twitter: @JStanleyFX

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

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