FxWirePro

GBP/JPY shooting star more imminent than dragonfly doji

FX:GBPJPY   英鎊 / 日圓
GBPJPY             forms dragonfly doji at 149.730 levels. The bullish pattern evidences minor rallies, but bullish momentum not convincing, current prices well below 21DMAs despite 3-days of upswings (refer daily plotting).

Consolidation phase restrained below 38.2% fibos, while the intermediate trend of this pair has formed rising wedge pattern.

Shooting star pattern pops up at wedge resistance of 153.841 levels to signal weakness and evidenced considerable slumps (refer weekly plotting).

For now, can bulls hold rising wedge baseline is the dubious question, more rallies likely only upon decisive sustenance above this level and break-out above 152.121?

Both leading and lagging oscillators on both daily and weekly timeframes are in bears' favor.

We foresee shooting star on weekly terms seem more imminent than dragonfly doji as this bullish pattern is yet to receive the conformity from the momentum and trend indicators.

Trade tips:

Contemplating above shot term technical rationale, you can place trades to construct tunnel binary options spreads using upper strikes at 151.460 and lower strikes at 149.7399 levels, these leveraged instruments are likely to fetch magnified effects in payoff structure as long as underlying spot FX keeps dipping but remain above lower strikes.

Alternatively, on hedging grounds, we advocate shorting futures contracts of mid-month tenors as the underlying spot FX likely to target southwards 145 levels in the medium run.

Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.

Currency Strength Index: FxWirePro's hourly GBP spot index has turned into 31 (which is slightly bullish ahead of average earnings index and inflation reports), while hourly JPY spot index was at shy above -121 ( bearish ) while articulating (at 10:50 GMT             ).
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