Murray Math Lines 05.06.2012 (NZD/JPY, EUR/JPY, USD/JPY)
05.06.2012 / 13:05
Analysis for June 5th, 2012
The pair is moving in the lower part of the chart, the correction is supported by the H4 Super Trend’s line. The price may continue moving downwards in the nearest future, the target for the bears is the 0/8 level.
The price is moving in the middle of the H1 chart. If the market rebounds from the 4/8 level, it will be a very strong bearish signal. In this case, we should expect the price to break the 0/8 level.
EUR/JPYThe EUR/JPY currency pair is being corrected below the 3/8 level, in the nearest future we can expect it to continue falling down. The target for the bears is the 0/8 level, where Take Profit on sell orders is placed.
At the H1 chart the Super Trends’ lines formed “bullish cross”. However, taking into consideration the fact that the descending trend is quite strong, we can expect the price to continue moving downwards in the nearest future. The target is the same as at the H4 chart, the 0/8 level.
USD/JPYThe price started the correction from the -1/8 level, the bears are supported by the H4 Super Trend’s line. If the market rebounds from the line, it will continue moving downwards. After the price breaks the -2/8 level, the lines at the chart will be redrawn.
The lines at the H1 and the H4 charts are completely the same. At the moment the correction is taking place and it may be finished within the next several days. In the near term, we can expect the price to continue moving inside the descending trend.