Binary Options Trade Today - Euro vs Yen Chart

Binary Options Trade Today - Euro vs Yen Chart

‘Fed’ days are known to be quirky for binary options trading with markets anticipating and reacting to the latest statement from the US central bank. Yesterday was certainly a Fed day and the market responded in a typically unexpected fashion. After dropping 1% the day before, and risky forex pairs down around 1% on the day, it looked as though the bulls had had their day. However, throughout the day, the bulls took control, once more eradicating all of the week’s losses in a rapid trading session. Whether it was the talk of the US economic collapse ‘levelling off’ or short sellers covering their positions, it’s hard to say. Today, the FTSE, DAX and CAC have all opened up in positive territory, with US futures indicating another good day ahead. It will certainly be another busy session. We’ve already had German GDP come in ahead of expectations. At 12.30 GMT we have US retail sales and unemployment claims.

Yesterday’s rally has put risk taking back on the agenda with sharp reversals on the yen pairs in particular. The AUD/JPY finished up yesterday after being down 2% at one stage. The Canadian and Australian commodity currencies are performing well as oil prices stabilise above $70. One of the biggest movers this morning is the EUR/JPY which is benefitting from the better than expected German GDP figures. The move could have further to run and the recent high of 138.70 could be an achievable target over the next couple of days. A one touch trade might be the best way to play this and is my suggested binary options trading strategy for today.

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