GBP/JPY Binary Technical December 20th 2011


GBP/JPY, ‘The Dragon’, is a classic forex pair for technical analysis, and is suitable for binary options trading. Last few hours the pair is moving up the chart. To assist in analyzing the rise here is our setup on an 1hour scale.

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Here are the support and resistance lines the could produce great binary option trading opportunities:

  • Current range: 120.51 to 122.67.
  • Further levels in both directions: Below, for PUT Options: 121.35, 121.01, 120.71 and 120.51.
  • Above, for CALL options: 122.06, 122.22, 122.30, 122.45, and 122.67.
  • Very important support that is still far, at 122.45. There are many small steps before this point
  • Very important resistance is at 121.01, still further away.

Click here to enlarge the graph.

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These expected market reactions and setups are general market commentary. This is by no means any type of investment advice.

Quick explanations on Binary options trade:

  • CALL options – if the price closes at a higher level than the price you purchased at expiry time, you make 75%. If it closes below, you’re left with 10%.
  • PUT options – if the price closes under the price you purchased at expiry time, you make 75%. If it closes above, you’re left with 10%.

For Gold Binary Options, read our weekly gold binary options setup.

The data for these news events has been analyzed given previous releases and reactions, current market conditions and more. Significant surprises to market consensus, as given by surveys of economists, normally trigger sharp market reactions that proceed for a long period of time. When some events collide with each other, they can offset each other. So, these events aren’t in the list.

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