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EURJPY has shown considerable price rallies upon below-mentioned patterns, the uptrend likely to extend for today.
Technical chart and candlestick patterns formed: Hammer candles pop-up at 122.663 and 124.601 levels on daily and monthly plotting, and dragonfly doji coupled with a resembling morning star pattern at 124.861 levels on daily terms.
All these bullish patterns evidence momentary upswings, for today, the attempt of upswings is breaking-out the stiff resistance of 125.995 levels.
While on the contrary, the major trend is still in bears’ favor upon bearish engulfing coupled with hanging man, shooting star and spinning top patterns. Consequently, the price drops below EMAs (refer monthly chart). For now, the current major bearish trend is imminent amid mild rallies that are backed by both momentum oscillators as both leading indicators (RSI & stochastic curves) show downward convergence that signal bearish strength & momentum and weakness remains intact that is indicated by the trend indicators on the monthly terms.
Trade tips: On trading perspective, at spot reference: 126.253 levels, contemplating above-stated technical rationale, it is advisable to deploy double touch call option strategy using upper strikes at 126.598 levels, the strategy is likely to fetch leveraged yields as long as the underlying spot FX keeps rising on the expiration.
Alternatively, ahead of BoJ’s monetary policy season, we advocate shorts in futures contracts of mid-month tenors with a view to arresting potential dips.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at 22 levels (which is mildly bullish), while hourly JPY spot index was at -107 (highly bearish) while articulating at 06:31 GMT.
In addition to the above technical rationale, the above indices are also conducive for the trades.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
