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The minor trend of AUDJPY has spiked off above DMAs with bullish MACD and DMA crossovers with healthy momentum.
Amid this process, it has managed to break-out trendline resistance decisively, observe the candle with the big real body (refer circular area on daily chart).
Both leading oscillators (RSI and stochastic curves) evidence upward convergence that signal the strength and bullish momentum in the uptrend.
To substantiate this stance, both lagging indicators (DMA and MACD) show bullish crossovers to indicate the uptrend to prolong further.
On the contrary, bears in the major trend form hanging man, shooting star, gravestone doji and bearish engulfing pattern candlesticks at 87.380, 88.097, 87.937 and 82.783 levels respectively (refer monthly plotting). You may see mild rallies on this timeframe but these upswings seem to be edgy as they struggle for momentum.
For now, more slumps seem to be on cards upon failure swings near 7EMA.
Moreover, bearish EMA & MACD crossovers are in conformity to the extension of the downtrend. While both leading oscillators signal mounting bearish momentum.
Overall, AUDJPY major trend that was in the consolidation phase from the lows of 72.437 since June 2016 retraced almost more than 50% Fibonacci level. But for now, by bears repeating the history near stiff resistance levels of 90.254. Despite mild rallies that seem to be edgy below 38.2% Fibonacci levels, the major downtrend has resumed.
As a result, the current price has gone below EMAs on monthly terms.
Trade Tips:
Contemplating above stated technical reasoning, on speculative grounds we advise buying one touch binary call options, using upper strikes at 83.392 levels.
The strategy is likely to derive exponential yields than the spot movements if underlying spot FX manages to hit the above-stated strike.
Alternatively, shorting mid-month futures contract are also advocated with a view to arresting downside risks.
Currency Strength Index: FxWirePro's hourly AUD spot index is inching towards 6 levels (neutral), while hourly JPY spot index was at -95 (bearish) while articulating at 06:09 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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