Binary EUR/JPY options started the week near the key resistance level at 101.65, which coincides with 38.2% Fibonacci retracement of the 111.43-95.60 drop. In the coming days break above this level is expected to meet first resistance around 103.50, which is 50.0% fibo of the mentioned drop and coincides with the 200-day SMA. On the downside first support is expected around 98.50 and break below it will move the price towards the record low at 95.60.
The long-term picture remains negative, which suggest that in the coming days binary eur/jpy should drop below the psychological 100. Investors cloud profit from “put”/“touch down” options and expect upside reverse around 99.00. On the other hand move above 101.65 in the coming days should receive strong resistance around 103.50 (good opportunity for “put”). “Call” options seems riskier considering the overall negative sentiment.
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.