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GBP/JPY binary signal - UK Jobs - 13 Sep 2017

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Signal details
Entry Price: 
145.52
Close Price: 
No trade
Direction: 
Call
Expiry Time: 
20:00 GMT
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The UK's Office for National Statistics (ONS) will be releasing the monthly jobs report today for the month of August. According to the economists polled, the UK's unemployment rate is expected to remain steady at historical lows of 4.4% for a second month. The UK's average hourly earnings is also expected to rise 2.3% on a three month to the year basis. This is seen to signal acceleration in the wage growth, up from 2.1% during the previous period.

The UK's jobs data is expected to be released at 08:30 GMT today. A beat on the estimates could potentially push the British pound higher in the near term. However, traders are likely to be cautious ahead on the Bank of England's meeting this week.

With a new member joining the MPC starting this week, the market expectations are that the BoE could strike a dovish tone in the markets. Yesterday, inflation data showed a stronger than expected acceleration. Consumer prices in the UK rose 2.9%, which was more than forecast. Furthermore, the core consumer price index also rose sharply, 2.7% on the year over year basis.

Based on the above, today's binary options trading signal is GBP/JPY. The currency pair has been trending higher on the back of a weaker yen. The receding threats from the geo-political developments helped investors to build up their risk appetite. With the British pound strongly bullish, this has played well for the GBPJPY.

The currency pair has broken past the previous resistance level of 144.32 yesterday. This comes ahead of today's jobs report and we expect that any pull back will be limited to 145.52 with the bullish momentum in prices staying strong.

Therefore, we are looking to purchase daily CALL options at 145.52 for a 20:00 GMT expiry time. We expect to see the British pound pulling back before reversing to close higher on the day.

binary options signal 13 Sep 2017

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.