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GBPJPY chart and candlestick patterns occurred: Hammer has occurred at 140.827 levels, one can observe the bullish sentiments thereafter.
The price rallies above 7 and 21-DMAs ever since the occurrence of this bullish pattern (refer daily plotting), let’s not forget we cannot afford to isolate this signal.
The above bullish pattern is coupled with leading oscillators and bullish MACD crossover.
While on the contrary, the intermediate trend so far was spiking through rising channel (refer weekly chart), but for now, bears have managed to breach below this channel support. In addition, shooting star candle has occurred at this juncture which is again bearish in nature and evidences considerable slumps below EMAs on this timeframe.
Consequently, both leading as well as lagging indicators have been signaling further price slumps to substantiate the above bearish patterns (refer weekly chart).
Ever since the occurrence of the breach below channel support, the price has been restrained below EMA (on weekly terms).
Both momentum oscillators (RSI & stochastic curves) have shown constant downward convergence on both timeframes that indicate the strength and the momentum in the bearish trend.
Trade tips:
On daily trading grounds, at spot reference: 143.075 levels, we advocate buying options using 143.428 as upper strikes and 142.4210 as lower strikes. The strategy is likely to fetch positive yields as long as the underlying price remains between these strikes on binary expiration.
Alternatively, one can initiate shorts in futures contracts of mid-month tenors with a view to arresting potential downside risks. 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 GBP spot index is flashing -17 (which is neutral), while hourly JPY spot index was at -87 (bearish) while articulating (at 06:44 GMT). For more details on the index, please refer below weblink:
