USD/JPY: Murrey analysis
15 May 2018, 14:36
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 109.30 |
| Take Profit | 107.81, 107.03 |
| Stop Loss | 109.85 |
| Key Levels | 107.03, 107.81, 110.15, 110.93, 112.50 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 110.20 |
| Take Profit | 110.93, 112.50 |
| Stop Loss | 109.80 |
| Key Levels | 107.03, 107.81, 110.15, 110.93, 112.50 |
On D1 chart, the price rose above the level of 109.37 ([8/8]) and tends to
110.15 ([+1/8]) mark, which remains unapproachable since the beginning of the
month. If the instrument consolidates above it, the growth may continue to
110.93 ([+2/8]) and 112.50 ([8/8], W1) marks.
However, the price went beyond the main trading range of Murray and is in the zone of a possible reversal. The key mark for the “bears” will be 109.37. If the instrument consolidates below it and the middle line of Bollinger Bands, a downward correction may develop to the levels of 107.81 ([6/8]) and 107.03 ([5/8]).
Technical indicators do not provide a clear signal: Stochastic is directed upwards, and MACD histogram is stable in the positive zone.
Support and resistance
Support levels: 107.81 ([6/8]), 107.03 ([6/8]).
Resistance levels: 110.15 ([+1/8]), 110.93 ([+2/8]), 112.50 ([8/8], W1).
Trading tips
Short positions may be opened below the level of 109.37 and the middle line of Bollinger Bands with targets at 107.81, 107.03 and stop-loss at 109.85.
Long positions may be opened above the level of 110.15 with targets at 110.93, 112.50 and stop-loss at 109.80.
Implementation time: 5-7 days.
However, the price went beyond the main trading range of Murray and is in the zone of a possible reversal. The key mark for the “bears” will be 109.37. If the instrument consolidates below it and the middle line of Bollinger Bands, a downward correction may develop to the levels of 107.81 ([6/8]) and 107.03 ([5/8]).
Technical indicators do not provide a clear signal: Stochastic is directed upwards, and MACD histogram is stable in the positive zone.
Support and resistance
Support levels: 107.81 ([6/8]), 107.03 ([6/8]).
Resistance levels: 110.15 ([+1/8]), 110.93 ([+2/8]), 112.50 ([8/8], W1).
Trading tips
Short positions may be opened below the level of 109.37 and the middle line of Bollinger Bands with targets at 107.81, 107.03 and stop-loss at 109.85.
Long positions may be opened above the level of 110.15 with targets at 110.93, 112.50 and stop-loss at 109.80.
Implementation time: 5-7 days.
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