The option for today is a series of articles about binary options in cooperation with uTrader broker. Every day we present the best PUT or CALL options for a selected financial instrument along with its current technical analysis.
As a result of the strong supply reaction rejecting the technical resistance of 133.07, the EURJPY has moved south since the beginning of October. During these declines, the market has overcome and re-tested, rejecting the line of the earlier upward trend. As a result of yesterday’s dynamic declines, the pair has breached through another, this time local support, which we are currently re-testing from the bottom (as resistance). It should also be noted that this level coincides with the measurement of 38.2% of the Fibonacci correction from the last downward movement. If this zone is rejected, we could expect declines. In the short term, therefore, it is worth considering PUT option on this instrument.
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