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EUR/JPY on verge of “inverse saucer” extension

FX:EURJPY   Euro Fx/Japanese Yen
153 0 6
This pair is bullish bias for the day but seems to have given up the momentum in recent gains at resistances of 113.343 (see 4H chart), while the prices on monthly chart consistently rejected at inverse saucer to push further downside.

Please be noted that the prices have been slipping through lower Bollinger band where it has lost buying interest.

The current prices are now testing minor supports at 125.800 levels

The pair is still steaming up with heaps of other bearish indications by leading oscillator on the monthly chart.

Currently, on daily plotting RSI (14) converging below near 33 levels on monthly and below 64 levels on intraday charts (while articulating).

While, %D crossover above overbought zones signals the buying momentum is shrunk, as a result bulls would be losing their buying interest despite rising prices.

As stated earlier in our long-term trend analysis more downside targets are on the cards as the bears taking over the rallies to evidence every dips with ease and with huge volumes (see monthly charts for volumes conformity).

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

The most probable scenario would be that it may retest recent lows of 110.824 levels.

Trade tips: As a result of above technical reasoning, on speculative grounds we see tunnel spreads which are binary versions of debit put spreads. This strategy is likely to fetch leveraged yields than spot FX and certain yields keeping upper strikes at 113.343 and lower strikes at 113.131 levels. This is just for an intraday trading perspective, but in the long run, this is certainly not yet an ideal time for fresh longs.
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