USD/JPY Chartpack - Technicals & Trade Setup

FX:USDJPY   美元/日元
Chart pattern: USDJPY occurs back-to-back shooting stars followed by doji and bearish engulfing patterns hamper previous bullish momentum (refer 4H chart), but the weakness is yet to be confirmed by technical indicators.

Shooting stars at 106.869 and 106.813 levels.

Long-legged doji at 106.814 levels.

Bearish engulfing candle at 106.400 levels.

The price slides after these bearish patterns and remained well below 7DMAs despite today’s rallies. Ever since the shooting stars have occurred bulls are struggling for the healthy momentum even though mild upswings are visible today.

Both leading and lagging oscillators are indecisive but slightly signal weakness.

While on the broader perspective, ever since the failure swings at stiff resistance at 114.721 levels, the price slid below 7EMA, the candle with the big bearish real body has taken the price dips below EMAs.

Consequently, with prevailing intensified bearish momentum, the bears have managed to breach below long lasting range and also breaches 38.2% Fibonacci level.

Both leading and lagging indicators on this timeframe as well signal weakness.

Strong support zone was observed at 107.272 areas (i.e. 38.2% Fibonacci retracement ), we had seen the strong demand zone at that juncture couple of times in the recent past which has broken that strong support zone decisively.

Thereby, you could observe that the momentum in the prevailing bearish swings is building up.

Both RSI & stochastic curves are converging downwards on monthly and signaling selling pressures on the major terms.

Trading tips: Contemplating above technical rationale, we advocate buying tunnel spreads with upper strikes at 106.876 and lower strikes at 106.376, this strategy is likely to add magnifying effects to the yields as long as the underlying spot FX keeps dipping below but remain above lower strikes on expiration.

Alternatively, one can short futures contracts of mid-month tenors with a view to arresting further downside risks.

Currency Strength Index: FxWirePro's hourly USD spot index has shown 71 (which is bullish ), while hourly JPY spot index was at -154 ( bearish ) while articulating at 06:29 GMT .
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