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CAD/JPY bulls seem to be exhausted at 7DMA, bears resume again

FX:CADJPY   Canadian Dollar/Japanese Yen
48 0 5
After four days of price recoveries, the bulls now seem to be exhausted and have lost the momentum in buying.
We could foresee bear’s business to resume in CADJPY             when we consider the intermediate and long term trend of this pair.
Bearish appearances are seen again as it has failed to even extend up to the resistance at 80.357 levels (see price rejection at 7DMA on a daily chart ).
MACD is indicative of bear trend extension, while the current prices have collapsed below DMAs and EMAs.
In addition to that, the leading indicators on monthly are converging the current price declines that would suggest the previous rallies losing momentum and likely to prolong major trend.
Most notably, you can see 21EMA has crossed over 7EMA, hence, the trend is likely to persist.
Slow stochastic has approached the oversold region on monthly terms but still %D crossover signals selling pressures.
On the broader perspectives, price on the monthly drop below 79.183 decisively has been serving strong bear trend with robust volumes.
Contemplating intraday bearish sentiments, we recommend on pure speculation basis buying one touch binary puts in order to extract maximum leverage for extended profitability, for targets at 78.862 levels.
One can give a leveraging touch to your returns expectation if underlying pair keeps dipping by employing At-The-Money binary delta puts. But do remember these are exclusively for speculative basis.

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