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AUD/JPY's 8m consolidation phase struggles on shooting star

FX_IDC:AUDJPY   Dolar Australia /Yen Jepun
101 0 7
AUD/JPY shooting star occurs between pivot point and 21-EMA to signal shrink momentum in 8-months consolidation phase:

AUDJPY             bears resume precisely at 50% Fibonacci retracement and 21-EMA with a shooting star formation (see monthly chart), thereby, we could now see the struggle in the consolidated phase that was persistent             from last 8-months.

As you could probably make out the upswings on monthly plotting have exactly rejected at 87.533 which is the pivot point on daily charts as well as the level of almost 50% Fibonacci retracement levels on monthly plotting.

Immediate resistance is seen at 86.320 level that is where the leading oscillators ( RSI & stochastic curves) are also sensing weakness, historically, these indicators on monthly charts show shrinking momentum at around 63 levels, you observe the leading indicator losing strength in major trend at this juncture (refer monthly plotting).

Expect more dips upon the shooting star formation and break below support of 7DMA on dailies.

Trade tips:

Well, contemplating above technical reasoning, on speculative grounds we advise tunnel spreads which are binary versions of the debit put spreads favoring bearish indications.

This strategy is likely to fetch leveraged yields than spot FX and certain yields keeping upper strikes at 86.320 and lower strikes at 85.077 levels.
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