The pair has been puzzling when we consider the intermediate trend of this pair, but candles from last three days were unable to prop up prices effectively from here onwards although bulls have shown little buying interest.
On the contrary leading indicators on the have started diverging the current upswings that would still suggest the previous downtrend trend to prevail.
Weekly has started diverging with price spikes near 50 level (Currently, at 50.5655), while slow is also stating indecisiveness and we observe unconvincing %D line crossover above 80 levels on daily terms that generates dubious views at this point of time.
The current prices on both daily and intraday charts have slid below moving average curves after the rejection of the resistance at 84.50 levels.
Overall, we could foresee upside potential upto 86 - 87 levels and 78 on southwards in medium terms but for intraday speculators boundaries of 83.685 on north and 83.130 on south are helpful.
Hence, ITM boundary binary options are recommended because we have mixed bag of technical indications (price curve evidences the higher highs but these fluctuations remain between these levels ). Stochs signal overbought pressures with RSI's downward convergence but trend may also extend higher.
Well, binary options in range-bound markets like such scenarios can also be easy to use. Lets visualize with spot FX 83.349 boundary binary options of CADJPY , the half an hour expiry, and two strike levels: the first strike level is lower than the current underlying value and the second strike level is higher than the current underlying value.
If the asset's settlement value is between these two strike levels at the expiration time, then the trade will close in-the-money on both binary positions.
But if the settlement value is below the lower strike or above the higher strike at expiration, then only one of the binary legs finishes in-the-money and the other leg is worthless, finishing out-of-the-money.