The USDJPY pair has been, since the 17th of November 2016, oscillating within a bullish formation between the range of 108.46 and 110.46 respectively. Will the bears take control of the price?
Today’s major pivot point area is the 110.46 level where the sellers will likely take their chances to shift the price to their favour.
The latest stabilization of the pair close to the 110.46 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 55 zone.
In the scenario where the pair decelerates, the price could fall to 108.46.
Alternatively, in the event where the sellers are not able to hold the price close to the 111.77 level, and the buyers place greater pressures, the pair could rise to 113.75.
- There are no any announcements that could have an impact either on the U.S. dollar or the Japanese yen
· Probable trend (Bearish): 110.46
· Bearish take profit target: 108.46
· Stop loss target: 111.77
· Alternative trend (Bullish): 111.77
· Bullish take profit target: 113.75