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GBPJPY BINARY PUT OPTION – FEBRUARY 10TH 2015

GBP/USD 1.25514 10:20 24.02
EUR/USD 1.05914 10:20 24.02
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OIL-MAR17(WTI CRUDE) 53.980 10:15 24.02
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EUR/JPY 119.183 10:15 24.02
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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
February 10th, 2015 5:04am GMT, London UK Today’s Binary Options Trading Strategy:• Currency Pair: GBPJPY
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary put options on rallies above 180.500
• Downside Potential: The downside potential for this binary put option is 500 pips to 175.500
• Upside Potential: The upside potential for this binary put option is 250 pips to 183.000

The GBPJPY has enjoyed a strong move to the upside after recording an intra-day low of 175.492 on February 3rd 2015. This currency pair reached an intra-day high of 181.796 on February 6th 2015 which represented a false breakout above its horizontal resistance level. The GBPJPY has now reversed back down and is trading inside its horizontal resistance level. A sideways trend could emerge which would further weaken any upside potential until this currency pair will be pressured into a breakdown.

GBPJPY

Price action is currently trading inside its horizontal resistance level where upward momentum is fading while downward pressure increases. The GBPJPY is anticipated to trend sideways until it can successfully breakdown and accelerate into its horizontal support level. Binary options traders can profit from the expected breakdown with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 180.500 for a risk/reward ratio of 1.0/2.00.

The GBPJPY was exposed to a sharp contraction in volatility during the move to the upside and the false breakout failed to cause a volatility spike. As the GBPJPY has reversed back into its horizontal resistance level an increase in volatility can be expected as buyers and sellers will battle each other for the next sustainable move. Buyers are likely to attempt another breakout which is expected to be limited to its most recent intra-day high. Sellers are favored to take advantage of the decrease in upward momentum inside its horizontal resistance level for a sustained breakdown.

The first support level, after a breakdown below its horizontal resistance level, awaits the GBPJPY at its ascending support level around the 179.550 mark. This support level will be crucial for the GBPJPY as a breakdown below it is expected to accelerate the reversal. The next support level is located at its intra-day low of 177.582 which was reached on February 4th 2015. A breakdown below this level will take the GBPJPY to its final support level of 175.492. This marks the intra-day low reached on February 3rd 2015 from where the advance originated.

The following economic data out of the United Kingdom is expected to impact the base currency, the British Pound, of the GBPJPY currency pair:
Industrial & Manufacturing Production for the month of December:
• Expectations: An annualized increase of 0.5% is expected in industrial production for the month of December, an increase of 2.0% in manufacturing production
• Previous Report’s Data: An annualized increase of 1.1% was reported in industrial production for the month of November, an increase of 2.7% in manufacturing production
• Impact on the British Pound: The expected slowdown in industrial as well as manufacturing production may suffice to apply downward pressure on the British Pound; this favors binary put options in the GBPJPY currency pair

In addition the following economic report out of Japan already impacted the quote currency, the Japanese Yen, of the GBPJPY currency pair:
Tertiary Index for the month of December:
• Expectations: A monthly level of 0.0% was expected for December
• Previous Report’s Data: A monthly increase of 0.2% was reported for November
• Released Data: A monthly contraction of 0.3% was reported for December
• Impact on the Japanese Yen: The unexpected contraction in the Tertiary Index has failed to pressure the Japanese Yen to the downside which favors binary put options in the GBPJPY 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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