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