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EURJPY – SEPTEMBER 3RD 2014

FTSE F-DEC16 6745.750 08:00 06.12
USD/RUB 63.806 08:00 06.12
USD/CHF 1.00590 08:00 06.12
OIL-FEB17 (BRENT) 54.685 08:00 06.12
COPPER-NOV16 2.6553 08:00 06.12
NZD/CHF 0.71775 08:00 06.12
CAD/CHF 0.75864 08:00 06.12
NZD/USD 0.71357 08:00 06.12
EUR/AUD 1.44544 08:00 06.12
CAD/JPY 85.854 08:00 06.12
AUD/USD 0.74454 08:00 06.12
AUD/JPY 84.756 08:00 06.12
GBP/USD 1.27552 08:00 06.12
VTB BANK 0.068930 08:00 06.12
TENCENT HOLDINGS 190.150 08:00 06.12
ROSNEFT' 350.875 08:00 06.12
GOLD VS SILVER 69.8109 08:00 06.12
EUR/GBP 0.84379 08:00 06.12
OIL-JAN17(WTI CRUDE) 51.435 08:00 06.12
SILVER 16.805 08:00 06.12
GOLD/EUR 1090.185 08:00 06.12
GOLD 1173.311 08:00 06.12
NASDAQ F-DEC16 4779.125 08:00 06.12
GOLD VS OIL 21.4558 08:00 06.12
USD/CAD 1.32590 08:00 06.12
S.BANK INDIA 259.675 08:00 06.12
AXIS BANK 460.725 08:00 06.12
TATA STEEL 414.100 08:00 06.12
TATA MOTORS 443.150 08:00 06.12
NIFTY F-OCT16 8181.500 08:00 06.12
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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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