USD / JPY Technical Analysis Nov 25

Can the buyers profit on the USDJPY at 113.94?

The U.S. dollar and the Japanese yen are lately oscillating within an upside formation between the range of 112.37 and 113.94 respectively.

The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 113.94 level.

Probable Scenario

In the scenario where the USDJPY resumes above the 113.94 area, the price could escalate as high as 114.96.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 65 zone.

usdjpy-nov-25-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 113.37 area, the pair could decline as low as 112.37.

Today’s Major Announcements

  • The Markit Services PMI (Nov) and the Markit PMI Composite (Nov) releases 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): 113.94

·         Bullish take profit target: 114.96

·         Stop loss target: 113.73

·         Alternative trend (Bearish): 113.73

·         Bearish take profit target: 112.37