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