USD / JPY Technical Analysis Nov 21

Can the buyers profit on the USDJPY at 111.44?

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.

Probable Scenario

In the scenario where the USDJPY resumes above the 111.44 area, the price could escalate as high as 113.14

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 75 zone.

usdjpy-nov-21-2016

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 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

Synopsis

·         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