The U.S. dollar and the Japanese yen are lately oscillating within an upside formation between the range of 108.70 and 111.44 respectively.
The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 111.44 level.
The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 75 zone.
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
- The Chicago Fed National Activity Index (Oct) announcement will likely have a medium influence on the U.S. dollar
- There are no any major releases that could have an impact on the Japanese yen
· Probable trend (Bullish): 111.44
· Bullish take profit target: 113.14
· Stop loss target: 110.35
· Alternative trend (Bearish): 110.35
· Bearish take profit target: 108.70