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EURJPY BINARY CALL OPTION – OCTOBER 23RD 2014

GBP/USD 1.25514 10:20 24.02
EUR/USD 1.05914 10:20 24.02
OIL-APR17 (BRENT) 56.330 10:15 24.02
AUD/USD 0.77055 10:15 24.02
AUD/JPY 86.694 10:15 24.02
SILVER 18.268 10:15 24.02
GOLD/EUR 1185.135 10:15 24.02
OIL-MAR17(WTI CRUDE) 53.980 10:15 24.02
GOLD 1255.437 10:15 24.02
EUR/JPY 119.183 10:15 24.02
USD/JPY 112.507 10:15 24.02
GBP/USD 1.25443 10:10 24.02
EUR/USD 1.05929 10:10 24.02
BitCoin/CNY 7817.995 10:00 24.02
USD/RUB 57.877 10:00 24.02
USD/NOK 8.32889 10:00 24.02
USD/CHF 1.00520 10:00 24.02
OIL-APR17 (BRENT) 56.245 10:00 24.02
NZD/CHF 0.72642 10:00 24.02
CAD/CHF 0.76746 10:00 24.02
NZD/USD 0.72268 10:00 24.02
SUGAR (11)-MAR17 20.1150 10:00 24.02
EUR/AUD 1.37528 10:00 24.02
CAD/JPY 85.880 10:00 24.02
AUD/USD 0.77030 10:00 24.02
AUD/JPY 86.645 10:00 24.02
GBP/USD 1.25379 10:00 24.02
EUR/USD 1.05932 10:00 24.02
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By: Adam Stone
October 22nd 2014 6:00am GMT, London UK

Today’s Binary Options Trading Strategy:

• Currency Pair: EURJPY
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary call options on dips below 135.750
• Upside Potential: The upside potential for this binary call option is 325 pips to 139.000
• Downside Potential: The downside potential for this binary call option is 175 pips to 134.000

The EURJPY continued to move lower inside its bearish price channel. The descending resistance line originated from its intra-day high of 139.129 which it reached on September 29th 2014. The descending support line can be traced back to an intra-day low of 136.952 which it reached on October 2nd 2014. The move lower did experience a false breakdown below its bearish price channel for an intra-day low of 134.136 which it reached on October 16th 2014. The EURJPY quickly bounced higher and back into its descending resistance line.

EURJPY with binary options 2014-10-23

Price action has now retreated from its descending resistance line and into a newly formed ascending support line which was created after a series of two higher lows was formed. The EURJPY is expected to attempt a breakout above its bearish price channel. Binary options traders can take advantage from the expected breakout with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 135.750 for a risk/reward ratio of 1.0/1.86.

The EURJPY is trapped inside a triangle formation which is expected to increase volatility in this currency pair. Sellers will try to keep the downward momentum alive and the bearish price channel intact. The ascending support line has merged with its horizontal support level and created a strong platform which buyers are expected to use in order to launch a breakout above its bearish chart formation. This favors binary call options in the EURJPY currency pair.

A successful breakout above the bearish price channel will meet resistance at the intra-day high of 136.602 which the EURJPY reached on October 20th 2014. This represents a level which previously reversed a breakout attempt. The next resistance level is located at the intra-day high of 137.936 which was reached on October 8th 2014. This level has also reversed a previous breakout attempt. The EURJPY will face its final resistance level and the intra-day high of 139.129 which it reached on September 29th 2014 and from where a double top formation is possible.

The following economic data out of the Eurozone is expected to impact the base currency, the Euro, of the EURJPY currency pair:
Eurozone PMI Data for the month of October:

• Expectations: Eurozone Composite PMI at 51.5, Eurozone Manufacturing PMI at 49.9 and the Eurozone Services PMI at 52.0
• Previous Report’s Data: Eurozone Composite PMI at 52.0 in September, Eurozone Manufacturing PMI at 50.3 and the Eurozone Services PMI at 52.4
• Impact on the Euro: The anticipated slowdown in the Eurozone is priced into the Euro which allows for a positive surprise; this favors binary call options in the EURJPY currency pair

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

Markit/JMMA Manufacturing PMI for the month of October:

• Expectations: Japanese Markit/JMMA Manufacturing PMI at 51.7 for October
• Previous Report’s Data: Japanese Markit/JMMA Manufacturing PMI was at 51.7 in September
• Released Data: Japanese Markit/JMMA Manufacturing PMI came in at 52.8
• Impact on the Japanese Yen: The higher than expected growth rate in the Japanese manufacturing sector failed to rally the Japanese Yen which favors binary call options in the EURJPY 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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