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You could very well observe in EURJPY swings that there is a stiff tug of war between bulls & bears, as a result, the trend goes non-directional but slightly bulls' favor with struggling momentum from the last couple of days (refer rectangular portion on the daily chart). Both leading oscillators on this time frame have been indecisive as the trend goes in a linear direction.
The major trend in consolidation phase still seems to be intact as the bullish swings in this phase break-out 50% Fibos, the rallies likely to extend further on bullish EMA crossover (refer monthly charts), while this consolidation phase has been observed from 17 months 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 131.2720 and lower strike at 129.8993levels.
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. 131.2720 > Fwd price > 129.8993).
Currency Strength Index: FxWirePro's hourly EUR spot index has turned into 122 (which is highly bullish), while hourly JPY spot index was at 24 (mildly bullish) at 06:33 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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