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EUR/JPY binary signal - Eurozone unemployment rate - 09 Jan 2018

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Expiry Time: 
21:00 GMT
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The economic calendar is mostly filled with second tier data today. From the Eurozone, the monthly unemployment data will be released at 1000 GMT today. Economists expect that the unemployment rate in the Eurozone slipped to 8.7% in December, down from 8.8% in November.

Unemployment rate in the Eurozone has been in a steady decline since August 2016 when the unemployment rate was just over 10.0%. In February 2014, the unemployment rate in the Eurozone peaked to 12%, in the height of the Greek sovereign debt crisis. However, over the years the monetary stimulus program along with a steadily improving Eurozone economy has helped the Eurozone to slowly improve its unemployment rate.

A decline for the month of December will mark another feather for the Eurozone which has already seen inflation was rising albeit at a slow pace and GDP expanding a strong pace. The data will no doubt help boost optimism in the Eurozone which is already at high levels.

The European Central bank has also expressed confidence in the rebound in the Eurozone's economic expansion. This is expected to continue as the growth momentum holds stall with not just Germany but various other Eurozone economies witnessing strong pace of growth in the economic activity.

Besides the Eurozone unemployment data, other economic releases from the Eurozone will include the data from Germany.

Germany will be reporting its industrial production figures ahead of the unemployment rate report. Industrial production in Germany is expected to post a sharp rebound, after it decline 1.4% the month before. Economists expect that industrial production rose 1.9% on a month over month basis. This could also be bullish for the euro currency.

Today's binary signal is EURJPY, the currency pair posted sharp declines today following the doji close on a daily session few days ago. However, with price trading at support we expect the declines to be limited.

We are looking to purchase daily CALL options at 134.80 for 21:00 GMT expiry time. We expect to see EURJPY recover from the recent declines as the support level is likely to see the currency pair pull back to close higher on the day from the current levels.

binary options signal eurjpy 09 Jan 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.