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FxWirePro:EUR/AUD eases but bullish outlook persists 
USDJPY attempts of rallies are restrained below 21-DMAs, the pair that is in bearish mood formed shooting star at 106.410 and 106.564 levels to signal weakness.
Thereby, bears have managed to hamper previous bullish momentum (refer daily chart), consequently, the weakness is now confirmed by nudging prices below 7DMAs again.
On a broader perspective, the major trend of this pair has been drifting between a tight range of 115.661 and 107.116 levels so far (monthly plotting).
Shooting stars were formed at 106.869 and 106.813 levels as well.
Bearish engulfing candle at 106.400 levels.
Last month, bears have managed to breach below range support decisively with bearish EMA crossover, and in this process, the pair retraces more than 38.2% Fibonacci levels from the highs of 125.807 levels.
The price slides after these bearish patterns and remained well below DMAs and EMAs. Ever since the failure swings at stiff resistance at 114.721 levels, bears have been constantly nudging prices below EMAs with the intensified selling momentum.
Both leading oscillators on this timeframe are signaling weakness while lagging indicators are indecisive but slightly in bears favor.
The stiff resistance is now observed at 107.320 levels, while the strong support zone was observed at 105.263 areas, we had seen the strong demand zone at that juncture couple of times in the recent past.
Thereby, you could observe that the momentum in the prevailing bearish swings is building up to form a fresh 16-months low.
Trading tips: Contemplating above technical rationale, we advocate buying one touch put options with strikes at 105.263 levels on both trading as well as hedging grounds, this strategy is likely to add magnifying effects to the yields as long as the underlying spot FX keeps dipping below on expiration.
Currency Strength Index: FxWirePro's hourly USD spot index has shown -39 (which is bearish), while hourly JPY spot index was at -71 (bearish) while articulating at 06:40 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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