EUR/JPY is steaming up with heaps of bearish indications, such as spinning top and Doji patterns on both daily and monthly charts.

The daily prices have slipped below 10DMA but currently attempting to test resistance at 131.975 levels.

The decisive break above may expose towards 132.500 levels.

Considering previous immediate downtrend, bearish candle forms such as long legged doji at 136.503 followed by Gravestone doji at 135.870 levels, hence it could be used as downtrend would still prevail.

Gravestone Doji and candle resembling a shooting star on monthly occurred at 135.870 and 132.700 respectively.

Leading oscillating indicators are moving in sync with prevailing price declines (see monthly charts for RSI is directly proportionate with price line), this convergence can be attributed as bearish continuation.

Currently, RSI (14) trending near 47.1755 levels (while articulating) with downward convergence to the dipping prices.

There is a clear sign of selling sentiments as a result of overbought pressures, it alarms bears trying to take over the declining rallies as the slow stochastic noises with %D line cross over around 30 levels on weekly (current %D line flashes at 28.2303).

It's advisable to use a combination of patterns and indicators to determine your trading strategy on swing trading perspectives.

Hence, contemplating a brief upswings and bearish signals in long term that eyes more downside potential towards 1st target - 131.283 and even up to 128.050 levels, we recommend buying calendar spread that takes care of certain yields regardless of swings. 

So, short 1 lot of 3D ATM put with positive theta values, simultaneously add 2 lots of long on 2W ITM -0.65 delta puts after short side expires worthless.