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EUR/JPY Trading for the week 24-28 Feb 2014

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EURJPY_24022014

The EUR/JPY pair is kicking off the week on a subdued activity note. Into the European open prices have dipped as low as 140.34 almost testing last Friday’s lows set at 140.30. Subsequent recovery to 141 ensued as German IFO survey came out a touch better than expected. The rally was short-lived with prices dropping just above 140.50 concluding a very tight range of trading for this particular binary options forex pair. In order to proceed further with a position we would need to see either a test of the topside resistance at 141.25-30 or a drop to probe recent lows – we would be buying puts on a sustained hourly break below 140.30-40 area that is currently outlined on our chart. Stay tuned to the comments section below to get more information.

Comments

Matt T.'s picture

The pair is struggling to close below 140.30 at this hour and this will not trigger a trade from our side. For those of you who have been more aggressive and decided to buy puts today before the hourly closed at 15:00 GMT, you could still make some profits at the end of the day. However our trade was not triggered as we needed that lower closing price. We are now looking at the same close below 140.30 from yesterday, however we will purchase daily puts for tomorrow if it materializes in the final hours of New York trading. The upside will open up if we have an hourly close above 140.80.EUR/USD Chart 25 Feb 2014

Matt T.
Matt T.'s picture

The trade that we recommended on a sustained break below 140.30 has been triggered and for now we are deep in the money, so what do you think that can be the next step around this pair? Well we believe that a protracted move to the downside is the most likely outcome. So for now if we see another test of the 140.30 level we would be triggering another daily put option to reinforce the downside in this pair. So far during this week there haven't been any signs of pressure abating so the best strategy is to stick to our guns and stay with the put side on a daily basis. Key level remains 140.30 - buy the daily puts there.EUR/JPY Chart 26 Feb 2014

Matt T.
JimmyPrice's picture

where I can trade EUR/JPY with more than 80% payout?

JimmyPrice
Matt T.'s picture

Bloombex is a good option for binary broker with payout over 85% depends on the type of trading

Matt T.
Matt T.'s picture

The Euro has rebounded strongly today from setting a weekly low all the way lower below the 139 figure. However as US trading kicked off we saw some disappointing numbers for Jobless Claims that enhanced speculation that the Federal Reserve might want to stop their tapering program, which caused all risk assets, including the Euro to rise. If we look at the chart we are seeing the bulls taking control. So our strategy is to buy calls if we see a sustained break above 140.50. If we fail there that would reiterate once again our put strategy, so observe carefully whats happening on the approach to this level.Gold Chart 27 Feb 2014

Matt T.
Matt T.'s picture

The inflation figures from the euro Zone have come out higher than expected and dispelled the fears of a rate cut by the ECB at its meeting next week. That has triggered some short covering in the Euro cross against the Japanese Yen and we are currently seeing a substantial rise above 140.50. In order to enter a trade we would wait for a dip in prices to 140.20 to buy daily calls. If we see an hourly close below 139.90 we would neglect our call and buy daily puts instead to compensate for our potential loss from the call trade.EUR/JPY Chart 28 Feb 2014

Matt T.