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USDJPY BINARY CALL OPTION – JANUARY 13TH 2015

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By: Adam Stone
January 13th, 2015 4:15am GMT, London UKUSDJPY

Price action is currently trading just above its horizontal support level from where its ascending support level is applying upward pressure on this currency pair. The USDJPY is anticipated to take its enforced support area in order to accelerate back into its horizontal resistance level. Binary options traders can profit from the expected acceleration to the upside with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 118.400 for a risk/reward ratio of 1.0/2.67.

Volatility has decreased during the drift to the downside and away from its most recent intra-day high, but is expected to increase as the enforced support area is anticipated to apply upward pressure on the USDJPY. Sellers are likely to try and force a breakdown in order to extend the current move to the downside which is not expected to materialize given the strength of its support area. Buyers are favored to take the applied upward pressure from its ascending support level in order to accelerate back into its horizontal resistance level.

The USDJPY will face its first resistance level at its intra-day low of 118.860 which was reached on December 30th 2014. This level represents a previous low which pushed the USDJPY back inside its horizontal resistance level. A breakout above this level will take the USDJPY to its intra-day high of 119.962 which was recorded on January 8th 2015. The final resistance level awaits the USDJPY at its intra-day high of 120.823 which was reached on December 23rd 2014 from where a further move higher is not likely to emerge.

The following economic data out of the United States is expected to impact the base currency, the US Dollar, of the USDJPY currency pair:

NFIB Small Business Optimism for the month of December:

• Expectations: A reading of 98.5 is expected for the month of December
• Previous Report’s Data: A reading of 98.1 was reported in the month of November
• Impact on the US Dollar: The expected increase in the NFIB Small Business Optimism Index may suffice to apply upward pressure on the US Dollar; this favors binary call options in the USDJPY currency pair

In addition the following economic report out of Japan is expected to impact the quote currency, the Japanese Yen, of the USDJPY currency pair:

Eco Watchers Survey Current Index for the month of December:

• Expectations: A reading of 44.0 is expected for the month of December
• Previous Report’s Data: A reading of 41.5 was reported in the month of November
• Impact on the Japanese Yen: Expectations for the Eco Watchers Survey may be too optimistic given other economic reports out of Japan and the Japanese Yen is exposed to downside risk which favors binary call options in the USDJPY 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.
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