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Let’s just glance through the below weblinks where we’ve raised the red-flags recent posts about early signs of CADJPY’s bearishness:
Well, we kept reiterating bearish potential in this pair quite often and advocated suitable short hedges accordingly, if you see the current technical charts, the price slumps are evident, it has tumbled into deep tunnels. Rest is history.
Moving forward, even in the current trend of this pair, frequent occurrences of shooting stars at 83.115, 83.156, 83.141, and at 83.231 levels (refer daily charts) signal extreme weakness.
Recently, the shooting star and bearish engulfing patterns have occurred at 82.185 and 81.732 levels respectively. These bearish patterns are formed after the failure swings at the stiff resistance of 82.422 levels which is again a serious indication of weakness.
As a result, the bears have managed to slide below DMAs.
On an intermediate trend, shooting star followed by engulfing patterns have occurred at 88.649 and 88.112 levels respectively (refer weekly chart).
Needless to say, for now, more slumps seem to be on cards as both DMAs & MACD on daily terms and EMAs on weekly terms show bearish crossovers that indicate the downtrend to prolong further.
On the broader perspective, the major bearish trend has now resumed especially after the breach below EMAs, while both leading & lagging indicators substantiate the same bearish stance.
Both RSI and stochastic curves on both timeframes have constantly been converging downwards to selling interests that confirms the strength and momentum of the bearish trend.
Trade tips: Contemplating both short and intermediate trend observations, it is wise to buy tunnel spreads binary option strategy with upper strikes at 81.202 and lower strikes at 80.916 levels, with this leveraged product one can add magnified impact on the trade yields if the underlying spot FX keeps dipping but remains above lower strikes on expiration.
On the other hand, uphold shorts in futures contracts of near-month tenors with a view to arresting further potential slumps.
Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.
Currency Strength Index: FxWirePro's hourly CAD spot index is displaying shy above 67 levels (bullish), while hourly JPY spot index was at 137 (highly bullish) while articulating (at 06:21 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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