Although the price curve attempts to bounce bears are keen on trimming gains, as a result resembling gravestone and candle patterns have popped up at 82.822 and 80.681 in between this downward journey.
Monthly has consistently been converging downwards even below oversold territory, currently trending at 14.2521 level while articulating.
Slow is also stating more selling pressures as we observe %D line crossover still maintains even below 20 levels on monthly terms that signals selling pressure to prolong.
We think, robust build ups in JPY longs and CAD shorts (see grey shaded areas) fortifies trends momentum.
The prevailing prices have slid way below 21DMA (both on monthly and ) that signifies the current price drops would drag further to find strong at around 78.078 levels if at all it has to bounce back again.
It is not always go long or short that makes you more money, market wouldn't necessarily need to behave according to our whim fancies. Wait and watch out for rallies would be the best deal for today to tackle this pair with its business.
So the trade recommendation for the day is that use rallies to buy ATM 0.51 delta puts for targets at 78.900.