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Snap USD/JPY rallies on double top formation - Use futures

FX_IDC:USDJPY   US-Dollar / Japanischer Yen
Snap USD/JPY             rallies on double top formation, bears in major trend on verge of retracing upto 38.2% fibo levels – Short build ups in mid-month futures:

For short-term traders, a stiff resistance is observed at 109.355.

The double top pattern is occurred with peak 1 at 114.370 levels, peak 2 at 114.496 levels and neckline at 108.831 levels, this price behavior is a bearish pattern .

Any break-out below neckline likely to drag more price slumps, the current prices slid well below DMAs.

The current prices on major trend slide below EMAs (refer monthly plotting), don't expect sharp rallies as the major trend seems to be on the verge of 38.2% Fibonacci retracements.

Well, on a broader perspective, the massive volumes formation during the course of this bearish rout is to substantiate the major trend.

Momentum analysis: Both leading oscillators ( RSI & Stochastic curves) on both daily as well as monthly terms have been converging downwards consistently that indicate the strength downtrend.

Trend analysis: Lagging indicators ( MACD and 7 and 21 DMAs and EMAs) have also been signaling price slumps to prolong further.

Trading tips: Contemplating above technical rationale, we advocate shorting futures contracts of mid-month tenors in order to arrest further potential slumps. But maintain strict loss at around 109.5870. Writers in a futures contract are expected to maintain margins to open and maintain a short futures position until expiration.
Still short??
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FxWirePro PRO MariusGabriel
@MariusGabriel, Yes, indeed. Our strong conviction call.
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