While leading oscillating indicators in intraday charts have begun diverging with price rallies in prevailing downtrend which would mean that the short bulls losing strength at the valuations of 128.489 levels where too much supply has experienced in recent past also (see resistance at the same juncture).
More interestingly, on daily terms has been directly proportionate with price behaviour. Currently, weekly trending near 40.7383 levels (while articulating) with upward convergence to the dipping prices.
The slow noises with cross above 60s on (current %D line flashes at 64.5570). So, is it breaches the existing resistance at 128.489 would bring in more speculation for next resistance at 129.490 levels.
Retrospectively, preceding in medium term signifies shorting chances as it has slipped well below 21DMA on all time frames.
Most convincingly, volumes build ups have been mammoth along with price jumps confirms short term rallies can also not be disregarded.
Hence, keeping 128.489 in mind short term traders can speculate this pair upwards, but there is a clear sign of bulls creating selling opportunities for long term bears as a result of overbought pressures So overall, EUR/JPY is steaming up with heaps of indications by leading oscillators in addition.
Contemplating certain swings and abrupt brief upswings also, we recommend buying any calendar spread that takes care of certain yields regardless of swings.