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Leonid graduated from Donetsk National Technical University, specialization "Automation and process control". He came to the market five years ago. As a basis of trade he uses indicator «Murray levels» , also prefers the classical technical analysis.

USD/JPY: Exit from the oversold zone

Leonid Varfolomeev

The rebound from the -1/8 level (105.47), as well as an attempt to settle above the 0/8 (106.25) level gives evidence of possible change trend. It should be noted that STH4 did not change the color, so it is still too early to consider the further growth scenario. It is quite possible to form a corridor between -1/8 and 1/8 (107.03) levels, as it is evidenced by reluctance of prices to grow higher than 1/8. The rebound to the area of  STD1 will take place in case of the significant breakdown 1/8. 

Trade Recommendation: 

Buy – 107.62; sl – 107.10; tp – 108.40.

JPY
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