USD / JPY Technical Analysis Nov 14

Can the bulls profit on the USDJPY at 107.51?

The U.S. dollar and the Japanese yen are lately oscillating within a swing formation, both bullish and bearish, between the range of 106.01 and 107.51 respectively.

The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 107.51 level.

Probable Scenario

In the scenario where the USDJPY breaks above the 107.51 area, the price could escalate as high as 108.41, Fibonacci’s 261.8%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 80 zone.

usdjpy-nov-14-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 106.92 area, the pair could decline as low as 106.00

Today’s Major Announcements

  • There are no any releases that could have an impact either on the U.S. dollar or the Japanese yen

Synopsis

·         Probable trend (Bullish): 107.51

·         Bullish take profit target: 108.41

·         Stop loss target: 106.92

·         Alternative trend (Bearish): 106.92

·         Bearish take profit target: 106.01