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The recent rallies of EURJPY have rejected at 130.767 levels, thereafter, it has broken below strong support at 129.338 (50% Fibonacci retracement levels).
Bearish engulfing pattern candles has occurred at 129.1740 levels.
The current prices slide well below DMAs.
Bull swings in consolidation phase seem to be halted at 50% fibos, shrinking bullish momentum.
Please be noted that the intensified bearish momentum from leading oscillators signal selling interests on daily time frames.
The major trend in consolidation phase still seems to be intact as the bullish swings in this phase breach handle pattern adjoined to inverse saucer (refer monthly charts), while this consolidation phase has been observed from last one year or so.
Both leading oscillators on this timeframe have been converging upwards but slightly indecisive for now, stochastic curves have overbought territory and signals indecisiveness but no traces of bearish crossover yet.
The current MACD curves are popping up bearish signals on daily terms and the same has signaled bull swings to prolong further on monthly terms but remains in bullish trajectory.
Trading tips:
Contemplating above technical reasoning, for intraday trading perspective, it is advisable to buy boundary binary options using upper strike at 129.1510 and lower strike at 128.3343 levels.
The strategy is likely to fetch leveraged yields as long as underlying spot FX remains within these strikes on or before the binary expiry duration.
For cash or nothing, these options would be exercised if the forward prices to remain between both strikes (i.e. 129.1510 > Fwd price > 128.3343).
Currency Strength Index: FxWirePro's hourly EUR spot index has turned into 3.6376 (which is neutral), while hourly JPY spot index was at -22 (mildly bearish) at 06:38 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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