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USD/JPY binary signal - U.S. Services PMI - 06 Sep 2017

Signal details
Entry Price: 
108.45
Close Price: 
109.33
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
4.9/5 of 7 ratings

The United States final services PMI from Markit will be released today at 13:45 GMT. According to the median estimates, services sector activity is expected to remain largely stable at 56.8. This is about 0.1 point lower than July's 56.9 reading.

Later in the day at 14:00 GMT, the Institute of Supply Management (ISM) will be releasing the services PMI. The ISM's non-manufacturing PMI data is forecast to rise to 55.5 in August, up from 53.9 in July. A beat on the estimates on both Markit's and ISM's services PMI could bode well for the U.S. dollar.

Last week we saw the U.S. manufacturing activity surged strongly with new orders coming mostly on the back of a weaker U.S. dollar. The weaker exchange rate helped U.S. produced goods to be more competitive. A similar story could play out in the services sector as well.

Although in the short term, the U.S. dollar could be bid higher on the services data, the broader theme remains that of the Fed's upcoming meeting. The central bank is likely to announce its balance sheet normalization program at the meeting due later this month. What this means for the market is some form of policy tightening. However, for the most part, investors are focused on interest rates.

The U.S. economy has been trending weaker but latest data showed that the trend could change given the second quarter posting a near 3% GDP growth rate on the quarter.

Based on the above data, today's binary options trading signal is USDJPY. The currency pair has been fluctuating and has remained within a range. Any gains made were quickly given up on account of the market sentiment.

The USDJPY continues to be influenced both by the economic as well as the geo-political factors. As a result, the currency pair has remained tightly range bound and biased to the downside. This is especially evident after the currency pair broke past the 108.95 support level.

Therefore, we would purchase daily CALL options at 108.45 as USDJPY will likely retrace to test this previous support level before attempting to close higher on the day.

binary options signal 06 Sep 2017

Comments

wusi's picture

I don't get Alert for your signals and how can I place trade for this price because there is no pending order on binary option, and how do you place 20 GMT expiry on binary.com.Thanks

wusi
Toni H.'s picture

You need to download BOS Signals app to get mobile notifications. You don't need pending orders, just set an alarm for target price on MT4 or TradingView.

Toni H.
wusi's picture

Thanks for your prompt reply, I don't know what happen,i am not getting sounds Alert on the Mobile App, I have already download the bos App, immediately you post signal I won't know until I come to open the app that is when I will see signals. Thanks

wusi
fafza's picture

Placed a call for the day on 108.50. Holding thumbs!

fafza

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. He has no business nor personal relationships with any mentioned government entities or stocks. 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.