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USDJPY – SEPTEMBER 5TH 2014

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By: Adam Stone
September 4th 2014 5:39am GMT, London UK
 

Today’s Binary Options Trading Strategy:

• Currency Pair: USDJPY
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary put options on rallies above 105.200
• Downside Potential: The downside potential for this binary put option is 300 pips to 102.200
• Upside Potential: The upside potential for this binary put option is 80 pips to 106.000

The USDJPY has rallied sharply amid extreme weakness in the Japanese Yen, but the sharp advance has formed a rising wedge formation which is expected to challenge a further move higher. The USDJPY started to advance after reaching an intra-day low of 101.511 on August 8th 2014 and the sharp move higher recorded an intra-day high of 105.708 today on September 5th 2014. The expected breakdown below its current bearish chart pattern is expected to accelerate after support gives in.

USDJPY

Price action is currently trading inside its rising wedge formation which is a bearish chart pattern and suggests that the uptrend is vulnerable to a reversal. Binary options traders can take advantage from the expected trend reversal with a binary put option. Today’s binary options trading strategy suggests put options to be placed above 105.200 for a risk/reward ratio of 1.0/3.75.

Volatility is expected to increase as buyers are likely to force a breakout above the rising wedge for a continuation rally while sellers will try to force the breakdown in line with the current bearish chart pattern in order to accelerate a trend reversal. Any breakout above the ascending resistance line is unlikely to materialize and traders should take it as a good entry opportunity for binary put options in the USDJYP currency pair.

The first support level for the USDJPY after a successful breakdown below the ascending support level of the rising wedge formation awaits this currency pair at 104.272 which is an intra-day high reached on August 24th 2014 and represents a level which previously pushed the USDJPY lower. Should the reversal continue the next support level is located at 103.502 which is an intra-day low reached on August 22nd 2014 and represents the level where the previous reversal ended. The final support level is located at 102.138 which is an intra-day reached on August 15th 2014.

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

Non-Farm Payroll Report for the month of August:
• Expectations: Job gains of 230,000, unemployment rate of 6.1%
• Previous Month’s Data: Job gains of 209,000, unemployment rate of 6.2%
• Impact on the US Dollar: Given the recent wave of optimism expectations may be too optimistic which leaves the US Dollar vulnerable for a negative surprise; this favors binary put options in the USDJPY currency pair

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

Coincident/Leading Index for the month of July:

• Expectations: Coincident Index at 110.1, Leading Index at 107.1
• Previous Month’s Data: Coincident Index at 109.7, Leading Index at 105.9
• Impact on the Japanese Yen: The expected increase in the Coincident and Leading Index may rally the Japanese currency which favors binary put 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.
Adam Stone
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