Will the USDJPY pair rise above the 106.66 level?
The U.S. dollar and the Japanese yen are lately oscillating within an aggressive upside formation, between the 101.24 zone and the 106.66 level respectively.
The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 106.66 level.
In the scenario where the USDJPY breaks above the 106.66 area, the price could escalate as high as 109.94, Fibonacci’s 261.8%.
The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 50 zone.
Alternatively, should the sellers take the lead and force the price below the 104.58 area, the pair could decline as low as 101.24.
Today’s Major Announcements
- The Fed’s Stanley Fischer Speech is expected to have a medium influence on the U.S. dollar
- There are no any major releases that could have an impact on the Japanese yen
- Probable trend (Bullish): 106.66
- Bullish take profit target: 109.94
- Stop loss target: 104.58
- Alternative trend (Bearish): 104.58
- Bearish take profit target: 101.24