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 growth lasting since mid-September USDJPY has reached the technical level of 114.25 which is the upper limit of consolidation and the downward trend line. This is a very important confluence of resistance, where already the first supply reaction occurred on Monday. In spite of this, the resistance was not permanently rejected and yesterday we witnessed its next test. Taking into account yesterday’s daily candle pattern (spool) we would expect that this zone will be rejected, and in the near future supply will try to take control of the market. In the short term, therefore, it is worth considering the PUT option on this instrument.
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