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By: Adam Stone
January 6th, 2015 6:00am GMT, London UKAUDJPY

Price action is currently trading around its ascending support level, after a false breakdown below it, which has intersected its horizontal support level and created an enforced support area. The AUDJPY is anticipated to attempt a breakout above its descending resistance level. Binary options traders can profit from the expected breakout with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 97.000 for a risk/reward ratio of 1.0/2.28.

Volatility has decreased after the upward drift from its most current intra-day low developed, but is expected to rise gradually as the AUDJPY is trapped inside a triangle formation. The descending resistance level will provide downward pressure for a breakdown which is not expected to materialize as sellers have lost momentum for an extended move to downside. The ascending support level has enforced the horizontal support level and buyers are favored to successfully launch a breakout above its descending resistance level and accelerate to the upside.

The AUDJPY will face its first resistance level at its intra-day high of 98.300 which was recorded on December 29th 2014. This level has previously capped the drift to the upside and forced a price action reversal. A breakout above this level will take the AUDJPY to its intra-day high of 99.467 which was reached on December 10th 2014. This level has accelerated the move to the downside until its most recent intra-day low was reached. The final resistance level is located at its intra-day high of 101.130 which was reached on December 8th 2014.

The following economic data out of Australia already impacted the base currency, the Australian Dollar, of the AUDJPY currency pair:

Trade Balance for the month of November:
• Expectations: A trade deficit of A$1.600 billion was expected for the month of November
• Previous Report’s Data: A trade deficit of A$877 million was reported in the month of October
• Released Data: A trade deficit of A$925 million was reported in the month of November
• Impact on the Australian Dollar: The better than expected trade deficit out of Australia has provided support for a stronger Australian Dollar which favors binary call options in the AUDJPY currency pair

In addition the following economic report out of Japan already impacted the quote currency, the Japanese Yen, of the AUDJPY currency pair:

Markit Purchasing Manager Index Composite for the month of December:
• Expectations: A reading of 51.5 was expected for the month of December
• Previous Report’s Data: A reading of 51.2 was reported in the month of November
• Released Data: A reading of 51.9 was reported for the month of December
• Impact on the Japanese Yen: The increase reported in the Markit PMI Composite has failed to boost the Japanese Yen; this favors binary call options in the AUDJPY currency pair

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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