Following the breakout above the support level at 109.76 – 109.70 level, USDJPY has been trading rather flat. We would consider daily CALL options at 109.75 for a 21:00 GMT expiry time. With the decline to 109.75 level of support, we expect that USDJPY will close higher on the day.
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An increase in activity could mark a somewhat better view on the overall GDP growth of the region. Today's binary trading signal is GBPUSD. The currency pair has been hovering near the lows of 1.3300 level over the past week. But the flat price action indicated that a bottom was taking shape.
Today's binary trading signal is USDJPY, the currency pair was seen breaking out from its consolidation earlier today. We expect to see the bullish momentum being maintained. Therefore, we are looking for daily CALL options at 109.00 for a 21:00 GMT expiry time.
The European statistics agency, Eurostat will be releasing the preliminary or flash inflation estimates today at 10:00 GMT. According to the median estimates, consumer prices in the eurozone are expected to have recovered in the month of May.
After found support close to 7000, Bitcoin bullish mojo is back and traders are looking towards 7600 for the near term. Currently, BTC price is consolidating around 7500 in a bullish flag formation and we would expect a short term breakout and potentially Bitcoin closing higher on the day.
The Euro was offered some support near 1.1520 by stabilizing Italian bond markets, attention now turns towards the German CPI report which is scheduled for 12:00 GMT later today. After a short term rally towards 1.1640 we would expect the EURUSD closing lower on the day.
The Bank of Canada will be meeting today for its monthly monetary policy meeting. According to the OIS markets, the expectations are that the Bank of Canada will leave the benchmark overnight rate unchanged at 1.25%. This would mark a third consecutive month where interest rates were left unchanged.
GBPUSD is down to a 6-month lows, the strong bullish sentiment surrounding the US Dollar continues despite the slump in the US Treasury bond yields. Currently, the British pound is in a free fall and we expect the currency pair to find support around 1.3220 and potentially close higher on the day.
The selling pressure around the Euro remains with growing concerns about political uncertainty in Italy. Traders will be looking for ECB's Mersch speech later today at 10:30 GMT. Meanwhile EURUSD is trading lower around 1.1570, in our views the pair still has downside on the charts and we expect to find support close to 1.1500 and potentially close higher for 21:00 GMT expiry.
The Conference Board of the U.S. will be releasing the consumer confidence data for the month of May. Economists polled expect consumer confidence to remain mostly unchanged at 128.2 during the month. In April, consumer confidence was reported at 128.7. The data will be released at 15:000 GMT.
Besides the UK's GDP data, the Federal Reserve Chairman, Jerome Powell will also be speaking later in the day at 13:20 GMT. Powell is expected to speak at a conference in Stockholm. His comments will be closely watched especially if any references are made to the forward guidance and interest rate path.
The GBPUSD pair managed to find support at 1.3310 and closed higher on the day, we expect this short rally to continue in the near term before the bears take over again. Traders now look forward to the BoE Governor Mark Carney's scheduled speech for 08:00 GMT.
Traders would be looking for today's Tokyo CPI report which is scheduled for 23:30 GMT. In the meantime the US Dollar slippage continues and we would expect USDJPY to find support at 109.22 where a short term retracement might take place. Therefore, we expect the currency pair to close higher on the day.
The European Central bank will be releasing the monetary policy meeting minutes from its meeting that was held earlier in May. The report will be released around 11:30 GMT. The ECB had left interest rates unchanged at its last meeting including keeping its QE purchases intact.
Today's binary trading signal is GBPJPY, the currency pair was seen posting losses earlier in the day. However, the intraday charts show the formation of a bearish flag pattern. In the near term it is ideal to purchase daily PUT options on an intraday retracement to 148.80 for a 21:00 GMT expiry time.
The inflation report hearings in the UK are scheduled for today at 09:00 GMT. The British pound is trading down since the 2018 pick in April and we are expect the negative trend to continue after the inflation report. The GBPUSD will potentially break the 1.3455 support and close lower on the day.
Today's binary trading signal is USDJPY, the currency pair stalled the gains as price action hit the resistance level. With the strong rally showing no pullbacks, we expect USDJPY to post a much needed correction. The Richmond Fed manufacturing index report will be released at 14:00 GMT today.
Bitcoin is making a double top formation on the 1-hour chart and we would expect closing lower on the day. With two shooting stars on the top BTC is most likely moving south today and we are looking to buy Put options at 8500 for 21:00 GMT expiry.
Today's binary trading signal is EURUSD, the currency pair closed last week with losses, marking five consecutive weeks of declines. However, price action is nearing a multi-year support level which could hold in the first test. We expect to see the EURUSD rebounding off this support level to close higher on the day.
Today's binary options signal is USDCAD, the currency pair has been trading weaker with the USD outpacing the gains from the Canadian dollar. This comes despite higher oil prices. But with the U.S. dollar showing strong bullish momentum, we expect the CAD to remain weak.