Two weeks ago EUR/JPY moved back below the psychological 100 drawing near to its lowest point of the long-term downside trend. However, in the past 24 hours the single currency is advancing currently trading above ¥97.00. The intraday binary option traders should expect reverse of this positive correction considering that both oscillators (stochastic and RSI) are in overbought levels on H1 chart. Stronger resistance is seen around 98.00, which could turn to be very good spot for buying “put” options. For the next couple of days to few weeks key resistance level is 101.65, which is 38.2% Fibonacci retracement of the 111.42-95.61 movement. On the opposite direction, the intraday support is expected at 96.85, followed by 96.15, which is the lowest level for the past six weeks.
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.