USD / JPY Technical Analysis Nov 15

Can the bulls profit on the USDJPY at 108.40?

The U.S. dollar and the Japanese yen are lately oscillating within a swing formation, but bullish, between the range of 106.00 and 108.40 respectively.

The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 108.40 level.

Probable Scenario

In the scenario where the USDJPY breaks above the 108.40 area, the price could escalate as high as 109.96, Fibonacci’s 423.6%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 55 zone.

usdjpy-nov-15-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 107.47 area, the pair could decline as low as 106.00.

Today’s Major Announcements

  • The Retail Sales ex Autos (MoM) (Oct), the Retail Sales Control Group (Oct), and the Retail Sales (MoM) (Oct) releases are expected to have a strong influence on the U.S. dollar
  • There are no any releases that could have an impact on the Japanese yen

Synopsis

·         Probable trend (Bullish): 108.40

·         Bullish take profit target: 109.96

·         Stop loss target: 107.47

·         Alternative trend (Bearish): 107.47

·         Bearish take profit target: 106.00