FxWirePro: €/¥ intraday rallies weaker but unlikely to break support at 13.391- buy binary vega calls at dips for target 136.510

Despite the formation of bearish pattern candles such as Doji's on weekly and sharp shooting star & spinning top on daily charts. This was boosted up by downward convergence by weekly RSI and overbought signal by stochastic, but bulls were not ready to give up upward momentum that had started from last couple of months (from mid April), as a result the strength in the pair is seen again even though bears attempting snatch the rallies.

Currently, RSI (14) trending near 51.5363 levels but moving in stagnant with sideway price moves both on daily and weekly charts.

Although the there is no trace of either overbought or oversold situation from stochastic, it alarms bears trying to take over the rallies as the slow stochastic noises with %D line cross over around 60 levels (current %D line flashes at 62.2404).

10 DMA is also averaged the prices which would justify prevailing sideway trend as there were no attempts of gaining momentum on either side. But on weekly charts it has been a bit bearish signal.

Trade Recommendation:

On speculation basis, we recommend buying one touch binary vega calls on every dips in order to extract maximum leverage. By employing these binary vega calls one can not only multiply the returns by twice, thrice or even pour returns unimaginably but also upbeat the implied volatility. But do remember this call is strictly on speculative grounds. The prime merits of such one touch option spreads are high yields during high volatility plays. Wider spreads indicates lack of liquidity. The spreads for one touch EUR/JPY options are constant time and barrier levels. Usually, such binary options for every change in 1 pip the relative change in option price 0.01% or even exponential at high implied volatility times.