The USDJPY pair has been, since the 14th of October 2016, oscillating within a downside formation between the range of 104.46 and 103.32 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 103.32 level where the sellers will likely take their chances to shift the price to their favour.
The latest stabilization of the pair above the 103.32 level is a good indication that the sellers may exert greater pressures to force the price to the downside.
The Stochastic oscillator has also confirmed that the price could aggressively drop at the 60 zone.
In the scenario where the pair decelerates, the price could fall to 102.61 Fibonacci’s 161.8%.
Alternatively, in the event where the sellers are not able to hold the price below the 103.75, and the buyers place greater pressures, the pair could rise to 104.46.
- The Chicago Fed National Activity Index (Sep) and the Markit Manufacturing PMI (Oct) releases are expected to have a medium influence on the U.S. dollar
- There are no any releases on the Japanese yen
· Probable trend (Bearish): 103.32
· Bearish take profit target: 102.61
· Stop loss target: 103.75
· Alternative trend (Bullish): 103.75
· Bullish take profit target: 104.46