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On EURJPY rallies, bearish pattern candlesticks such as, shooting star, gravestone doji and hanging man candles have occurred at 131.1070, 130.2580 and 131.540 levels respectively.
These bearish patterns hamper the previous rally and plummet prices to bring back the trend into range.
While bulls counter to gain the upside traction for the day with struggling momentum.
One could easily make out that the shooting star has appeared at the same levels in the recent past to evidence the weakness in this pair, as a result, the trend has been drifting non-directional mode (refer rectangular portion on daily chart), while the current prices are well above DMAs amid this tug of war between bulls and bears.
Thereby, the trend has been going non-directional but any dramatic move on either direction appears to be unlikely based on momentum study having no significant data driver.
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% Fibonacci retracements.
Even if you see any abrupt slumps, it should not be panicky as the strong support is seen between the range of 129.6348 - 129.4178 levels.
Both leading, as well as lagging indicators on monthly time frames, have been converging upwards that signifies the intensified momentum in buying sentiments of the uptrend.
Trade tips: Contemplating above technical rationale, we could foresee more upside traction in spot prices, thus, initiating longs in mid-month futures contracts are advocated with a view to arresting bullish risks.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing 2 (neutral having no significant data drivers), while hourly JPY spot index was at -177 (extremely bullish) at 06:07 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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