FxWirePro: NZD/JPY rallies likely to drag despite back-to-back shooting stars patterns, major trend now turns bullish – Boundary binaries to trade

Although the attempts of bull swings have been hampered by shooting stars, the current prices have spiked above 21EMA, consequently, current upswings were backed by substantial volumes.

Shooting star pops up at 80.69 and 80.55 levels but the weakness is not signaled by leading or lagging indicator, they’re still bullish bias. As a result, the current prices keep spiking higher (refer daily charts).

On the flip side, after the sharp gravestone doji and price dips subsequently, can bears continue the major downtrend is the puzzling question. This would be answered by both leading and lagging indicators (refer monthly charts).

NZDJPY price upswings, volumes, leading and lagging indicators moving in tandem with bull swings from the last two months.

While both leading & lagging indicator to substantiate bullish stance, MACD on both timeframes substantiates the same standpoint.

RSI converges to the ongoing price rallies as this leading oscillator trending even above 70 levels which is overbought zone, the same has been the case when you’ve to plot monthly charts (converging upwards at 58 levels), it signals strength as it exceeded 57 levels.

Bullish momentum in both short & long term indicates buying sentiments are intensified as stochastic oscillator evidences %k crossover which is again bullish signal.

Well, at spot reference: 80.611, contemplating lingering deceptive bearish indications but the bullish trend, on speculative grounds we recommend boundary binary options.

Contemplating above technical rationale, it is advisable to buy boundary binaries on dips upper strikes at 80.995 and lower strikes at 80.331 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.