GBP/JPY Binary Technical May 9th 2012

GBP/JPY, ‘The Dragon’, is a classic forex pair for technical analysis, and is suitable for binary options trading. Since the beginning of May this pair is heading mostly down. To assist in analyzing the next few days here is our technical setup.

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

  • Current range: 126.64 to 133.11.
  • Further levels in both directions: Below, for PUT Options: 127.76, 127.42  and 126.64 which is further away
  • Above, for CALL options: 129.45, 130.27, 131.60 and 133.11
  • Very important support, at 1682.510, still a few steps to get there.
  • Very important resistance is at 1630.630, still further away.
  • Chart is on a 4 hour scale.

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.

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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