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EURJPY BINARY PUT OPTION – NOVEMBER 17TH 2014

AUD/NZD 1.04022 22:00 08.12
NZD/USD 0.71742 22:00 08.12
EUR/AUD 1.42191 22:00 08.12
CAD/JPY 86.453 22:00 08.12
NZD/JPY 81.794 22:00 08.12
AUD/USD 0.74632 22:00 08.12
AUD/JPY 85.108 22:00 08.12
GBP/JPY 142.981 22:00 08.12
EUR/JPY 120.983 22:00 08.12
USD/JPY 114.031 22:00 08.12
EUR/USD 1.06086 22:00 08.12
NZD/JPY 81.771 21:30 08.12
AUD/USD 0.74627 21:30 08.12
AUD/JPY 85.084 21:30 08.12
EUR/JPY 121.015 21:30 08.12
EUR/USD 1.06141 21:30 08.12
USD/JPY 114.011 21:30 08.12
WELLS FARGO 57.285 21:00 08.12
USD/CHF 1.01627 21:00 08.12
TOYOTA (US) 122.740 21:00 08.12
SONY 29.155 21:00 08.12
SILVER 17.011 21:00 08.12
GOLD 1170.838 21:00 08.12
COLGATE-PALMOLIVE 65.695 21:00 08.12
FIAT CHRYSLER 8.46 21:00 08.12
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By: Adam Stone
November 17th 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 put options on rallies above 145.300
• Downside Potential: The downside potential for this binary put option is 880 pips to 136.500
• Upside Potential: The upside potential for this binary put option is 320 pips to 148.500

The EURJPY resumed its sharp rally as the Japanese Yen continued to experience downside pressure after the Japanese Prime Minister is rumored to call early elections. This has boosted the EURJPY despite an overall weak Euro. The sharp advance can trace its origin to its intra-day low of 135.204 which was reached on October 23rd 2014 and has spanned to an intra-day high of 146.524 which was reached today on November 17th 2014. The final stage of the move higher has formed a rising wedge formation which may invite a reversal in the EURJPY currency pair.

Price action accelerated its move to the upside and has now trading inside its rising wedge formation after a false breakout occurred which was reversed. The EURJPY is expected to breakdown below its rising wedge formation and extend its move to the downside. Binary options traders can benefit from the anticipated breakdown with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 145.300 for a risk/reward ratio of 1.0/2.75.

EURJPY binary options trading

During the creation of the rising wedge formation volatility has declined, but as the EURJPY has experienced a false breakout and reversal an increase in volatility is expected especially as price action is approaching the ascending support level of its rising wedge formation. The narrow shape of the rising wedge formation will apply more pressure for this currency pair to either breakout above its rising wedge formation and resume it current move higher or to breakdown below its rising wedge formation in order to test its most recent intra-day low. Given the steepness of the rising wedge formation the EURJPY is expected to complete a breakdown and move to the downside.

The first support level, after a successful breakdown to the downside, awaits the EURJPY at its intra-day high of 144.217 which was reached on November 6th 2014 and represents the level from where the ascending resistance level originates. The next support level is located at its intra-day low of 142.087 which was reached on November 10th 2014. A breakdown below this level will take the EURJPY to its intra-day low of 137.035 which was reached on October 30th 2014 and the final support level is located at its intra-day low of 135.204 which was reached on October 23rd 2014 and from where the ascending support level originates.

The following economic data out of the Eurozone is expected to impact the base currency, the Euro, of the EURJPY currency pair:

Eurozone Trade Balance for the month of September:

• Expectations: A monthly trade surplus of €18.0 billion is expected for September
• Previous Report’s Data: A monthly trade surplus of €9.2 billion was reported in August
• Impact on the Euro: The expected increase in the trade surplus out of the Eurozone is expected to be overshadowed by economic data out of Japan which favors binary put 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:

Gross Domestic Product for the third-quarter of 2014:

• Expectations: A quarterly growth rate of 0.5%, an annualized growth rate of 2.0%
• Previous Report’s Data: A quarterly contraction of 1.9% was reported in the second-quarter, an annualized contraction of 7.3%
• Released Data: A quarterly contraction of 0.4%, an annualized contraction of 1.6%
• Impact on the Japanese Yen: Despite the unexpected contraction the Japanese Yen remained stable; this favors binary put 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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