What’s next on the USDJPY at the 103.33 zone?
The USDJPY pair has been, since the 14th of October 2016, oscillating within a bearish formation from 104.44 to 103.33. Will the sellers resume leading the price?
Today’s major pivot point area is the 103.33 level where the sellers will likely take their chances to shifting the price to their favour.
Probable Scenario
The latest stabilization of the pair close to the 103.33 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 70 zone.
In the scenario where the pair decelerates, the price could fall to 102.61.
Alternative Scenario
Alternatively, in the event where the sellers are not able to hold the price below the 103.75 area, and the buyers place greater pressures, the pair could rise back to 104.44.
Today’s Major Announcements
- The Initial Jobless Claims (Oct 14) and the Philadelphia Fed Manufacturing Survey (Oct) releases are expected to have a medium impact on the U.S. dollar
- There are no any releases that could have an impact on the Japanese yen
Synopsis
· Probable trend (Bearish): 103.33
· Bearish take profit target: 102.61
· Stop loss target: 103.75
· Alternative trend (Bullish): 103.75
· Bullish take profit target: 104.44
