USD / JPY Technical Analysis Nov 23

Will the USDJPY pair rise above the 111.52 level?

The U.S. dollar and the Japanese yen are lately oscillating within an upside formation between the range of 108.51 and 111.52 respectively.

The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 111.52 level.

Probable Scenario

In the scenario where the USDJPY breaks above the 111.52 area, the price could escalate as high as 113.33, Fibonacci’s 423.6%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 50 zone.

usdjpy-nov-23-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 110.38 area, the pair could decline as low as 108.51.

Today’s Major Announcements

  • The Durable Goods Orders (Oct), the Durable Goods Orders ex Transportation (Oct), the EIA Crude Oil Stocks Change (Nov 18), and the FOMC Minutes releases are expected to have a strong 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): 111.52
  • Bullish take profit target: 113.33
  • Stop loss target: 110.38
  • Alternative trend (Bearish): 110.38
  • Bearish take profit target: 108.51