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EURJPY – SEPTEMBER 3RD 2014

GBP/USD 1.24430 17:20 22.02
EUR/USD 1.05615 17:20 22.02
OIL-APR17 (BRENT) 55.815 17:15 22.02
ALIBABA 104.870 17:15 22.02
AUD/USD 0.76832 17:15 22.02
AUD/JPY 87.185 17:15 22.02
SILVER 17.963 17:15 22.02
GOLD/EUR 1167.045 17:15 22.02
OIL-MAR17(WTI CRUDE) 53.980 17:15 22.02
GOLD 1232.476 17:15 22.02
EUR/JPY 119.846 17:15 22.02
USD/JPY 113.478 17:15 22.02
GBP/USD 1.24423 17:10 22.02
EUR/USD 1.05583 17:10 22.02
BitCoin/CNY 7487.500 17:00 22.02
USD/MXN 19.919 17:00 22.02
WELLS FARGO 58.325 17:00 22.02
USD/CHF 1.01100 17:00 22.02
OIL-APR17 (BRENT) 55.725 17:00 22.02
TOYOTA (US) 114.275 17:00 22.02
SONY 31.285 17:00 22.02
COLGATE-PALMOLIVE 73.035 17:00 22.02
FIAT CHRYSLER 11.35 17:00 22.02
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By: Adam Stone
September 3rd 2014 6:05am 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 137.900
• Downside Potential: The downside potential for this binary put option is 190 pips to 136.000
• Upside Potential: The upside potential for this binary put option is 60 pips to 138.500

The EURJPY has spiked higher after a correction was stopped short on August 28th 2014. The current advance is now approaching a major resistance level and could form a double top formation. The EURJPY has been in an uptrend after reaching an intra-day low of 135.728 on August 8th 2014 while the rally has recorded an intra-day high of 138.000 on August 22nd 2014. The EURJPY may be challenged with a breakout above the 138.000 which favors binary put options in this currency pair.
Price action is moving higher towards a very strong resistance level from where a breakout is unlikely which could force the EURJPY to correct back down to support. Binary options traders can take advantage from the anticipated move lower with binary put options. Today’s binary options trading strategy suggests put options to be placed above 137.600 for a risk/reward ratio of 1.0/3.17.

EURJPY

The sharp spike upward which occurred yesterday on September 2nd 2014 and lasted for twenty-four hours may have sucked in the majority of binary call options which assisted the sharp move. As the EURJPY is now facing resistance binary put options are in favor amid expectations for a reversal. A sustained move higher is currently unlikely as uncertainty about the next move from the European Central Bank is expected to limit any further meaningful advance.
The expected reversal will face initial support at 137.122 which is an intra-day high reached on August 7th 2014 and poses the next horizontal support line for the EURJPY. A breakdown will lead this currency pair lower to the 136.419 level which is the intra-day low reached on August 28th 2014 from where the current move upward began. Next support for the EURJPY lies at 135.978 from where a double bottom formation may emerge.

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

Services PMI for the month of August:
• Expectations: A reading of 53.5 is expected (this is the final reading for the month of August)
• Previous Report’s Data: A reading of 53.5 was reported
• Impact on the Euro: Should the Eurozone Services PMI follow other economic data the risks are to the downside which could pressure the Euro lower; this favors binary put options in the EURJPY currency pair

In addition the following economic report out Japan already impacted the quote currency, the Japanese Yen, of the EURJPY currency pair:
Markit/JMMA Composite PMI for the month of August:

• Expectations: A reading of 50.0 is expected
• Previous Month’s Data: A reading of 50.4 was reported for the month of July
• Released Data: A reading of 50.8 was reported
• Impact on the Japanese Yen: The better than expected reading on the Japanese Composite PMI has stabilized the Japanese currency which 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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