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AUDJPY – SEPTEMBER 9TH 2014

USD/MXN 19.871 17:00 24.02
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CAD/JPY 85.655 17:00 24.02
AUD/USD 0.76799 17:00 24.02
AUD/JPY 86.220 17:00 24.02
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By: Adam Stone
September 9th 2014 5:43am GMT, London UK
 

Today’s Binary Options Trading Strategy:

• Currency Pair: AUDJPY
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary put options on rallies above 98.350
• Downside Potential: The downside potential for this binary put option is 300 pips to 95.350
• Upside Potential: The upside potential for this binary put option is 100 pips to 99.350

The AUDJPY has rallied sharply inside its bullish price channel, but price action has stumbled over the past thirty-two trading hours. The bullish price channel has an intra-day low of 94.882 which it reached on August 13th 2014 and an intra-day high of 98.678 which it reached on September 5th 2014. The recent drift lower may result in a bigger move lower especially if the steep, ascending support line is unable to stop the retreat.

Price action is now approaching the ascending support line of its bullish price channel from where a breakdown may unfold and push the AUDJPY lower. Binary options traders can take advantage from the anticipated breakdown with binary put options. Today’s binary options trading strategy suggests put options to be placed above 98.350 for a risk/reward ratio of 1.0/3.00.
The advance in the AUDJPY may be over as price action is approaching the ascending support line of its bullish price channel which is a bullish chart formation as the name suggests. The drift lower has accelerated and may be sufficient in strength to result in a sustained breakdown below the ascending support line. Should a break lower occur volume is expected to increase on the move lower which will accelerate the descend of the AUDJPY.

AUDJPY

Should a breakdown materialize the AUDJPY will face its first support at 97.249 which is an intra-day high reached on August 28th 2014 where price action struggled to find direction. A successful breakdown below this level will take the AUDJPY to the 96.474 level which is an intra-day low reached on August 26th 2014 and a level where a previous sell-off was reversed. The next support level below this one will lead the AUDJPY to the 95.616 level which is an intra-day low reached on August 20th 2014.

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

Home Loans for the month of July:

• Expectations: A monthly increase of 1.0% is expected
• Previous Month’s Data: An increase of 0.1% was reported for the month of June
• Released Data: A monthly increase of 0.3% was reported
• Impact on the Australian Dollar: The home loan data came in below expectations which put downward pressure on the Australian Dollar; this favors binary put options in the AUDJPY currency pair

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

Tertiary Index for the month of July:

• Expectations: A monthly increase of 0.2% is expected
• Previous Month’s Data: A reading of 0.0% was reported for the month of June
• Released Data: A monthly reading of 0.0% was reported
• Impact on the Japanese Yen: The disappointment in the Tertiary Index has failed to materialize to drop the Japanese Yen which 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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