GBP/JPY Binary Technical December 6-9 2011

GBP/JPY, ‘The Dragon’, is a classic forex pair for technical analysis, and is suitable for binary options trading. When viewing in a 4 hour scale, it seems very similar to last week, but a few small but significant resistance lines have changed.

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

  • Current range: 116.97 to 126.13.
  • Further levels in both directions: Below, for PUT Options: 121.03, 120.12, 119.35 and 118.26.
  • Above, for CALL options: 122.25, 122.85, 124.16, 125.36, and 126.13.
  • Very important support that is still very far, at 126.13. There are many small steps before this point
  • Very important resistance is at 119.35, still far 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%.

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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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