The EURJPY has currently stabilized slightly above the 122.60 zone, Fibonacci’s 38.2%, where the sellers will likely place pressures to take control the price.

The price, since the 19th of December 2016, has been oscillating within an upside formation between the range of 121.67 and 123.16 respectively.

Probable Scenario

The latest formation close to the 122.60 level is a good indication that the sellers may take control over the pair in today’s trading session.

In the event where the pair drops and the sellers take over, the price could decline to 121.67 Fibonacci’s 0.0%.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 30 zone.

eurjpy-dec-23-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 123.16 area, the price could rise to 124.06 Fibonacci’s 100.0%.

Today’s Major Announcements

  • The Gfk Consumer Confidence Survey (Jan) release is expected to have a medium impact on the euro
  • There are no any releases on the yen

Synopsis

·         Probable trend (Bearish): 122.60

·         Bearish take profit target: 121.67

·         Stop loss target: 123.16

·         Alternative trend (Bullish): 123.16

·         Bullish take profit target: 124.06