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EUR/JPY forms inverted saucer, more bearish swings on cards

FX:EURJPY   Euro / Japanese Yen
86 0 6
Widened BB means more volatility in downswings, Bears manage prices to stay below DMAs and break below channel support on weekly terms.

Any deceptive rallies would be suppressed by active bears, upswings perceived as a fresh shorting opportunity.

Even short-term bulls have given up the momentum in recent gains as the prices slipping through lower widened BB.

While on monthly plotting, the break below 120.478 brings in a more bearish environment; the current prices remain well below EMAs, down-trend in conformity to both leading & lagging indicators.

Currently, RSI (14) of all time frames converging to the prevailing slumps (while articulating).

While, %D crossover even below oversold zones signals the extreme selling momentum, as a result, the bears would be on upper hand.

The most probable scenario would be that it may retest recent lows of 109.205 levels.

The alternative scenario would be it may inch upwards maximum up to 7DMA and collapse again.

So it is advisable to capture these upswings to build fresh shorts rather than viewing them as an opportunity to go long or trend reversal.
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