USD / JPY Technical Analysis Nov 18

Will the USDJPY pair rise above the 111.40 level?

The U.S. dollar and the Japanese yen are lately oscillating within an upside formation between the range of 108.70 and 110.35 respectively.

The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 111.40 level.

Probable Scenario

In the scenario where the USDJPY breaks above the 111.40 area, the price could escalate as high as 113.14, Fibonacci’s 423.6%.

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

usdjpy-nov-18-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 110.35 area, the pair could decline as low as 108.70.

Today’s Major Announcements

  • The CB Leading Indicator (MoM) (Oct) announcement will likely have a medium 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): 111.40

·         Bullish take profit target: 113.14

·         Stop loss target: 110.35

·         Alternative trend (Bearish): 110.35

·         Bearish take profit target: 108.70