Can the sellers force the EURJPY lower at 116.45?
The pair has been recently oscillating between the range of 117.47 and 116.45 as the sellers were able to overtake the buyers and lead the price.
The sellers attempted to place greater pressures since the 16th of November 2016 and were indeed the big gainers with a profit of 100 + pips to their favour. Today’s major pivot point area is the 116.45 level.
Probable Scenario
The latest stabilization of the pair slightly close to the 116.45 area is a good indication that the price may retrace once again to the downside.
In the event where the pair drops, the sellers could lock their profit at 115.79.
The Stochastic oscillator confirms the downtrend formation thus showing that the pair has greater probabilities of retracing downwards.
Alternative Scenario
In contrast, in the condition where the bullish pressures get more tensed and the pair breaks above the 116.84 level, the price could rise to 117.47.
Today’s Major Announcements
- The ECB Monetary Policy Meeting Accounts release could have a high impact on the euro
- There are no any releases on the Japanese yen
Synopsis
· Probable trend (Bearish): 116.45
· Bearish take profit target: 115.79
· Stop loss target: 116.84
· Alternative trend (Bullish): 116.84
· Bullish take profit target: 117.47
