USD / JPY Technical Analysis Dec 2

Will the USDJPY pair rise above the 113.88 level?

The U.S. dollar and the Japanese yen are lately oscillating within an upside formation between the range of 111.34 and 113.88 respectively.

The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 113.88 level.

Probable Scenario

In the scenario where the USDJPY stabilizes above the 113.88 area, the price could escalate as high as 115.44, Fibonacci’s 161.8%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 30 zone.

usdjpy-dec-2-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 112.93 area, the pair could decline as low as 111.34.

Today’s Major Announcements

  • U.S.’s Unemployment Rate  (Nov), the Labor Force Participation Rate (Nov), and the Nonfarm payrolls (Nov) announcements could have a strong impact on the U.S. dollar
  • There are no any major releases that could have an impact on the Japanese yen

 

Synopsis

  • Probable trend (Bullish): 113.88
  • Bullish take profit target: 115.44
  • Stop loss target: 112.93
  • Alternative trend (Bearish): 112.93
  • Bearish take profit target: 111.34