The ‘Dragon’ GBP/JPY Technical Oct.12th update

GBP/JPY, ‘The Dragon’, is flying high today and reaching currently  121.66. We decided to add this current update that might assist with today’s binary trading on the Pound Yen pair. The chart is on a 4 hour scale and the analysis is prepared for the next 24 hours.

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

  • Current range: 116.77 to 124.21.
  • Further levels in both directions: Below, for PUT Options: 120.75, 119.35, 117.78 and 116.77.
  • Above, for CALL options: 122.62, 123.14 and 124.21
  • Very important support is at 123.14, but still far.
  • Very important resistance is at 117.78.

Click here to enlarge the graph.

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%.

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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