EUR/JPY technicals and trade setup

FX:EURJPY   Euro / Japanese Yen
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EUR/JPY rallies likely to drag as bulls breach at stiff resistance but major trend appears to be in consolidation phase with no substantiation:

Bulls manage to break out above resistance of 116.250, Current upswings consistently well above DMAs.

Rallies likely to extend upon breach and sustenance above 117.704.

Currently, on daily plotting RSI (14) converging above 67 levels on daily (while articulating).

While %K crossover even above-overbought zones signal the intensified buying momentum, as a result bulls would be gaining traction in their buying interest amid rising prices.

Well, on the contrary, the current upswings in major trend (see monthly charting) test strong support at 113.401 but below EMAs and major downtrend drifting into sideways.

This pair is bullish bias in short run but seems to have given up the momentum in recent gains at resistances at 7 & 21 EMAs to push further downside.

*If you have to consider the leading and lagging indicators on monthly plotting, the pair is still steaming up with heaps of other bearish indications.

As stated earlier in our long-term trend analysis, it cannot be deemed as the reversal pattern as the trend goes in consolidation phase from last 4-5 months, wait for the better clarity from the technical indicators to signal the long term trend reversal.

MACD and moving averages are indicative of the bear trend to prolong.

The most probable scenario would be that it may retest recent lows of 120.478 levels in short run but may continue the bearish streaks.

Trade tips: As a result of above technical reasoning, on speculative grounds we see one touch binary calls for targets of 117.996 levels. This strategy is likely to fetch leveraged yields than spot FX and mind it this is just for an intraday trading perspective, but in long run, this is certainly not yet an ideal time for fresh longs.
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