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On EURJPY rallies, shooting star has occurred at 131.3380 levels which is a bearish pattern.
But bulls counter to gain the upside traction by shrugging off this bearish pattern
For today, the momentum in the previous rallies is hampered, thereby, the trend goes non-directional again, the current prices are attempting slide below 7DMAs.
Both leading (RSI & stochastic) oscillators on this time frame have been signaling overbought pressures.
Contemplating the major uptrend and the abrupt slumps for the day, one can understand why the minor trend would be drifting non-directional mode (refer daily chart).
While the consolidation phase in the major trend seems to be intact upon bullish EMA crossover (see monthly terms), we see confirmation from both momentum and trend oscillators with this effect.
In addition to that, bulls in consolidation phase manage to break-out above 50% and now on the verge retrace 61.8% Fibonacci retracements.
Even if you see any abrupt slumps, it should not be panicky as the strong support is seen at 131.500 levels.
Trade tips: Based on above technical rationale, we could foresee trend to remain in range, thus, on an intraday speculation, we see price to remain within the range between 134.2410 and 133.2570. Hence, we advocate buying boundary binaries with two strikes.
The trading between these strikes likely to derive certain yields in this puzzling trend and more importantly these yields are exponential from spot movements.
For cash or nothing, these options would be exercised if the forward prices to remain between both strikes (i.e. 134.2410 > Fwd price > 133.2570).
Alternatively, at spot ref: 133.6700 we advocate arresting extended bullish risks by initiating longs in futures contracts of near-month expiries by keeping strict stop loss at around 131.6500 levels.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing -39 (mildly bearish), while hourly JPY spot index was at 34 (mildly bullish) while articulating. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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