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Murrey levels were redrafted

22 July 2016, USD/JPY

The four-hours chart of USDJPY . Murrey levels were redrafted and that reduced volatility of the instrument. Yesterday there was quite an unexpected reversal. Nevertheless, nothing critical for bulls has not happened yet. Certainly, a counterattack of bears was successful, but a key support area - (7/8) - was defended by bulls. Therefore, to date, potential for growth remains and this option is considered to be the main one.

Solutions: at current levels you can make another attempt to enter Long. The goal is at 107.81 (+2/8). Put Stop Loss at 105.47 (7/8).

Nikolay Krishtopov
FreshForex Analyst
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