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Murrey levels were redrafted

08 April 2016, USD/JPY

The four-hours chart of USD JPY . The pair broke the level (-2/8) and as a result Murrey levels were redrafted. Enhanced volatility ensured that they were significantly expanded. The pair is currently going through correction. The first target for correction on the four-hours SuperTrend line has been reached, but so far we have not seen a rebound from resistance. Therefore, a further growth of the pair to the next target level (6/8) seems the most likely, and already from this level downtrend will be resumed. Bears are beyond competition, we do not expect an abrupt reversal of the price.

Trading solutions: no

Nikolay Krishtopov
Analyst of «FreshForex» company
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