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FxWirePro- Major Pair levels and bias summary 
FxWirePro- Major Pair levels and bias summary 
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EURJPY’s price slumps have been constant ever since the formation of hanging man at 120.857 levels. The minor trend breaches below channel support & plummets prices below DMAs, more slumps likely as both leading & lagging oscillators signal selling sentiments (refer daily chart).
As stated in our previous post, it has plunged from the highs of 121.082 levels to the recent lows of 116.945 level. One can go through below weblink where we had advocated shorts a month ago, refer below weblink for more details: https://www.econotimes.com/FxWirePro-EUR-JPY-Interim-Bulls-Pave-The-Way-For-Fresh-Shorts-In-Major-Downtrend--Technicals-Trading-Hedging-Setup-1574768
For now, more slumps appear to be likely as both leading (RSI & Stochastic curves) and lagging oscillators show downward convergence to the ongoing downtrend to signal the intensified selling sentiments.
On a broader perspective, the major downtrend remains intact below EMAs (refer monthly plotting), although bulls attempt to test support at 78.6% Fibonacci levels, downswings may resume upon failure swings as both leading & lagging oscillators still in tandem with bearish sentiments on this timeframe as well.
Trading and hedging tips:
On trading perspective, at spot reference: 117.164 levels, contemplating above technical rationale it is advisable to trade tunnel options spreads using upper strikes at 117.512 levels and lower strikes at 116.780 levels.
Alternatively, we advocated shorts in EURJPY futures contracts of mid-month tenors with a view to arresting potential dips, since further price dips are foreseen we would like to uphold the same strategy.
