Currency Analyst since 2010

USD/JPY: Murray levels analysis

Daily. The pair reached the overbought zone without any pullbacks, and the level of 8/8(106.25) became a good support as it was once breached and then the prices fixed above it. But before returning to this level, the pair can break the level of +2/8 (107.81), which very likely given the strong bullish trend.

H4. The bulls want to overcome +2/8 (107.81), and given the failure of prices to make a break-down of at least CTH4, the target at +2/8 will likely be reached. To cancel this scenario, the bears need to break below CTH4, then we would expect a decline to 8/8(106.25).

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