USD / JPY Technical Analysis Nov 8

Will the USDJPY pair rise above the 105.04 level?

The U.S. dollar and the Japanese yen are lately oscillating within an upside formation between the range of 102.53 and 104.12 respectively.

The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 105.04 level.

Probable Scenario

In the scenario where the USDJPY breaks above the 105.04 area, the price could escalate as high as 106.61, Fibonacci’s 161.8%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 35 zone.

usdjpy-nov-8-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 104.12 area, the pair could decline as low as 102.53.

Today’s Major Announcements

  • There are no any major releases that could have an impact either on the dollar or the Japanese yen

 

Synopsis

  • Probable trend (Bullish): 105.04
  • Bullish take profit target: 106.61
  • Stop loss target: 104.12
  • Alternative trend (Bearish): 104.12
  • Bearish take profit target: 102.53