Strong support at 113.222 broken on monthly basis, robust volumes on price decline.
Well, at present, the pair gives upside potential as whipsaw on 7 & 21DMA considered previous downtrend and now showing little strength but not beyond 114.500 ahead of BoJ's .
On a broader perspectives, this pair looks quite weaker ever since it has broken strong supports at 115.918, 114.500 and at 113.222 levels.
Leading indicators moving in linear direction which is an indecision, however it has tested support at around 112.670 levels from last four days.
%K crossover below 80 zone on daily plotting signals some buying interest but there is no clarity from other indicators.
Please observe, the pries have been in the range (114.500 and 112.6701) from last 2 weeks or so but every weakness in this pair would drag more below lower range.
Keeping this sideway trend in mind we reckon, irrespective of the swings, boundary binary options would fetch certain yields using the above boundaries in the binary strategy.
Boundary binary options with upper strikes at 114.500 and lower strikes at 112.670 matches the prevailing sideway trend preferably shorter expiries to derive certain yields with positive theta, cash is likely to flow in the money.