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Never buck the EUR/JPY downtrend – trend is in bears control

FX:EURJPY   Euro Fx/Japanese Yen
128 0 4
Although, both on daily and weekly price patterns of the pair tested supports at channel base line at around 127.020 to form a bottom but on again weakness is seen in this pair when it has rejected resistance at 128.619 levels.

Leading oscillating indicators are also moving in sync with price declines of prevailing downtrend.

More noticeably, RSI on all time frames has been directly proportionate with price behavior. Currently, weekly RSI trending near 35.3703 levels (while articulating) with downward convergence to the dipping prices.

The slow stochastic noises with %D line cross over even below oversold trajectory both on weekly and daily charts (current %D line flashes at 18.3306), (no divergence from these leading oscillators is observed in the recent past), so this healthy convergence can be attributed as bearish continuation.

Retrospectively, preceding bearish trend 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 slumps confirms downtrend (you can see grey shaded areas on weekly charts).

Down trend in long term seems stronger as bears can utilize current upswings for better shorting opportunities as the price pattern of this pair has formed a sloping channel, we had stated earlier also the rejections to break resistance at 131.090 levels seems unlikely but for now bears are making even more tougher task for the pair to hold onto immediate resistance at 128.619.

This comparative trend analysis on daily and weekly time frames, there is a clear sign of bulls creating selling opportunities for bears as a result of overbought pressures So overall, EUR/JPY             is steaming up with heaps of bearish indications by leading oscillators in addition.

Contemplating certain bearish swings and abrupt brief upswings also, we recommend buying calendar spread that takes care of certain yields regardless of swings
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