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Despite ongoing rallies of EURJPY, the current prices are restrained below DMAs.
Chart and candlestick pattern formed – Shooting star and gravestone doji pattern candles have occurred at stiff resistance levels of 133.087. You can easily make out their bearish effects.
Bulls attempt to bounce back but these bearish patterns seems to be having more bearish potential as both the leading oscillators still shows downward convergence (refer daily plotting).
While intraday bullish sentiments can be encouraged upto next stiff resistance 130.3497 and 130.479 levels.
Whereas the bulls in the major trend cushioned at 21-EMAs and bouncing back, hanging man followed by bearish engulfing patterns hamper sustenance above 61.8% Fibonacci retracements of Dec-2014 highs (monthly plotting).
Both leading indicators on this timeframe signal overbought pressures, the consolidation phase heading again towards 50% Fibonacci retracements
The major resistances are observed at 132.424, 131.4310 and 129.828 levels, the strong supports are seen 129.265 levels, any failure swings at 7DMA levels would resume the bearish swings upto this support area.
Trade tips: On trading perspective, at spot reference: 130.198 levels, it is advisable to buy boundary binaries using upper strikes at 130.3479 and lower strikes at 129.265 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX remains between these two strikes before the binary expiry duration.
Alternatively, deploy shorts in futures contracts of mid-month tenors with a view to arresting potential dips.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at -19 levels (which is mildly bearish), while hourly JPY spot index was at -103 (highly bearish) while articulating at 05:38 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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