Will the EURJPY stabilize above 116.00?
The price is in a constant acceleration mode as the buyers have been able to patiently and steadily lead the pair to higher zones.
The pair has stabilized, since the 10th of November 2016, above the 116.00 level.
The bulls are once again placing pressures close to the 116.00 zone which is today’s major pivot point area.
Probable Scenario
In the condition where the bulls are able to lead the price above the 116.00 zone and exert greater pressures, the pair could appreciate to 117.38.
Similarly the Stochastic oscillator indicates that the pair has greater probabilities of retracing to the upside at the 55 level.
Alternative Scenario
In contrast, in the scenario where the pair drops to the 115.11 area and the bears place more pressures, taking advantage of the bearish volatility, the price could decelerate to the 113.71 zone.
Today’s Major Announcements
- Germany’s Consumer Price Index (YoY) (Oct), the Harmonized Index of Consumer Price (MoM) (Oct), the Consumer Price Index (MoM) (Oct), and the Harmonized Index of Consumer Prices (YoY) (Oct) releases are expected to have a medium influence on the euro
- There are no any releases on the yen
Synopsis
· Probable trend (Bullish): 116.00
· Bullish take profit target: 117.38
· Stop loss target: 115.11
· Alternative trend (Bearish): 115.11
· Bearish take profit target: 113.71
