Trader, analyst and instructor with a 6-year experience

USD/JPY: Murray levels

by Leonid Varfolomeev

D1. The pair bounced from the 7/8 (121.88) level, then broke through 6/8 (118.75), as well as CTD1. Judging by this, a more global pullback to the 5/8 (115.63) level looks like the most likely scenario. Return from the current positions to 7/8 will take place, in case of a break through 6/8 upwards by one third of the levels width.

H4. After breaking of 8/8 (118.75), the price is trying to consolidate below the level. CTH4 has already changed its color, and thus, combined with 8/8, it serves as a good resistance. Therefore, a small break through this mark, against the absence of a bearish cross of CTD1 and CTH4, is a signal of growth to +2/8 (121.88).

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