Will the USDJPY pair rise above the 104.83 level?
The U.S. dollar and the Japanese yen are lately oscillating within an upside formation between the range of 103.12 and 104.17 respectively.
The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 104.83 level.
In the scenario where the USDJPY breaks above the 104.83 area, the price could escalate as high as 105.86, Fibonacci’s 261.8%.
The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 75 zone.
Alternatively, should the sellers take the lead and force the price below the 104.17 area, the pair could decline as low as 103.12.
Today’s Major Announcements
- The S&P/Case – Shiller Home Price Indices (YoY) (Aug), the Housing Price Index (MoM) (Aug), and the Consumer Confidence (Oct) releases are expected to have a medium impact on the U.S. dollar
- There are no any major releases that could have an impact on the Japanese yen
- Probable trend (Bullish): 104.83
- Bullish take profit target: 105.86
- Stop loss target: 104.17
- Alternative trend (Bearish): 104.17
- Bearish take profit target: 103.12