GBP/JPY Binary Technical October 24-28 2011

GBP/JPY, ‘The Dragon’, is a classic forex pair for technical analysis, and is suitable for binary options trading. In this post we’ll give a weekly outlook on the GBP/JPY, that will produce trading opportunities for binary traders. The week starting October 24th 2011 is still uncertain regarding this pair, the Pound-Yen has not yet shown a clear direction and has moved the past week between 119.99-122.64.

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

  • Current range: 117.30 to 124.21.
  • Further levels in both directions: Below, for PUT Options: 120.30, 119.23, 117.78 and 117.30.
  • Above, for CALL options: 122.09, 122.56, 123.30 and 124.21
  • Very important support is still far, at 124.21. There are many small steps before this point
  • Very important resistance is at 117.30. There are a few small steps before this point.

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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