The USDJPY pair has been, since the 3rd of November 2016, oscillating within a upside formation between the range of 103.01 and 104.37 respectively.
Will the bears take control over the price or do the buyers have something else in mind?
Today’s major pivot point area is the 103.86 level where the sellers will likely take their chances to shift the price to their favour.
The latest stabilization of the pair above the 103.86 level is a good indication that the sellers may exert pressures to force the price to the downside.
The Stochastic oscillator has also confirmed that the price could aggressively drop at the 75 zone.
In the scenario where the pair decelerates, the price could fall to 103.01 Fibonacci’s 261.8%.
Alternatively, in the event where the sellers are not able to hold the price below the 104.37, and the buyers place greater pressures, the pair could rise to 105.23.
- The Labor Market Conditions Index (Oct) and the Consumer Credit Change (Sep) releases are expected to have a medium impact on the U.S. dollar
- There are no any releases on the Japanese yen
· Probable trend (Bearish): 103.86
· Bearish take profit target: 103.01
· Stop loss target: 104.37
· Alternative trend (Bullish): 104.37
· Bullish take profit target: 105.23