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CADJPY forms bearish engulfing pattern at 85.025 levels that nudges price towards DMAs on daily plotting. While both leading & lagging oscillators indicate momentum and bearish trend continuation on daily terms.
The stiff resistance zone is observed at 86.355 levels, current price well below DMAs and price dips likely to prolong upto next strong support at 83.795 levels.
On a broader perspective, the intermediate trend of this pair which is in consolidation phase since December 2015 has now been forming head and shoulder chart pattern and above stated bearish engulfing pattern drag slumps to develop this pattern (refer weekly plotting).
Head at 91.638, left shoulder at 88.922 and right shoulder at 87.851 levels. Shooting star pattern pops-up at that juncture hampers previous bullish momentum on this timeframe. Ever since then steep price slumps slide below EMAs.
Momentum study: RSI and Stochastic curves show downward convergence entering into oversold zone that indicates the bearish momentum.
While leading oscillators (RSI & stochastic curves) are popping-up with overbought pressures, hence, it is wise to snap rallies so as to provide a better entry level for the fresh short trades.
Trade tips: Well, on trading perspective, at spot reference: 84.217 levels, contemplating above-stated bearish patterns, it is advisable to trade one touch put option strategy using strikes at 83.795, the strategy is likely to fetch leveraged yields as long as underlying spot FX keeps dipping on the expiry duration.
Alternatively, on hedging grounds, we advocate shorting futures contracts of mid-month tenors as the underlying spot FX likely to target southwards 83.500 levels in the near terms.
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 inching towards -108 levels (which is bearish), while hourly JPY spot index was at 47 (bullish) while articulating (at 08:24 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
