USD / JPY Technical Analysis Nov 2

What’s next on the USDJPY pair at the 103.21 level?

The USDJPY pair has been, since the 1st of November 2016, oscillating within a downside formation between the range of 105.13 and 103.92 respectively.

Will the bears take control over the price or do the buyers have something else in mind?

Today’s major pivot point area is the 103.21 level where the sellers will likely take their chances to shift the price to their favour.

Probable Scenario

The latest stabilization of the pair above the 103.21 level is a good indication that the sellers may exert greater pressures to force the price to the downside.

The Stochastic oscillator has also confirmed that the price could aggressively drop at the 30 zone.

In the scenario where the pair decelerates, the price could fall to 102.01 Fibonacci’s 423.6%.

usdjpy-nov-2-2016

Alternative Scenario

Alternatively, in the event where the sellers are not able to hold the price below the 103.92, and the buyers place greater pressures, the pair could rise to 105.13.

Today’s Major Announcements

  • The Fed’s Monetary Policy Statement and the Fed Interest Rate Decision releases are expected to have a medium influence on the U.S. dollar
  • There are no any releases on the Japanese yen

Synopsis

·         Probable trend (Bearish): 103.21

·         Bearish take profit target: 102.01

·         Stop loss target: 103.92

·         Alternative trend (Bullish): 103.92

·         Bullish take profit target: 105.13