USD/JPY is on an upward trajectory movement with sustained pressure from the bulls.
According to Murray math lines 110.925 is the overbought zone.
We anticipate the zone to render selling pressure which could initiate a profit booking rally. Hence it could be a good entry point to initiate short positions.
The GBP/JPY pair is currently in a downtrend in the 4h chart.
The 0/8 level of Murrey lines is lending support to falling prices.
Hence we expect the pair to bounce to the resistance levels of 146.094.
Key Fundamentals: BoE’s Carney could not convince the markets for the further rate hikes. Markets need to see very strong macroeconomic data flow on the UK side. Even the negative US Job data could not stop DXY bullish run.
You can read our latest DXY analysis
Weekly Chart: Strongly Bearish. Cable is below all main Moving Averages. Testing the Murrey Math Lines...
The DXY is facing resistance on 8/8 levels in Murrey math lines drawn of 4-hour time frame.
The index has also formed a higher low with a evening star formation.
Hence, as per Murrey rule we expect the index to move towards 4/4 level.
Murreymath Oscillator (Coloured candles) indicating a bottom of the downward move
Volume showing a switch from bears to bulls
Nice break of descending trend line
Take profit at 0.618 fib retracement level but likely to change depending on market conditions.
Price has retraced nicely to the 0.5 fib level from previous move.
MM oscillator showing support with yellow bars
Volume indicating bulls taking control of price.
TP at previous high nice RR ratio of over 1:3
Price has trended nicely and moved through to the 1.618 Fibonacci extension level. We've seen a slow down and a failure to break past 0.7380 which appears to be a nice resistance level. We are overbought on the MM oscillator. Volume showing a switch to selling dominance. Expecting good drop with a good RR ratio of over 3.5 (but could definitely get more if we move...
Here is a chart pattern I drew up tonight. This is currently my " B" chart but it is very likely to be come the " A " chart. This current mini sell off that we had over the weekend cannot fit inside the old scenario. The my process is very specific.
Every completed wave forecast the future more clearly. So things can change and are fluid. I have had to flip flop...
Hey guys, I have been trading using Murrey Lines lately since I was introduced to the man that created the theory. It's a very interesting technical concept and I urge more traders to explore the strategy. Here we have a Murrey trade where price has reached the -2/8 line on the Daily chart, as well as the 0/8 (hardest line to break) on the 4H and 1H.
I expect an...
Sad too see how a great chart like this one goes completely unnoticed.
This series has had over 500 views.
Which is relatively small.
Has been a full 6 weeks or near perfect accurate forecasting down to the dollar.
Oh well. So it goes.
Sour grapes. We are near a temporary bottom.
Here is my outlook for the rest of the year. self explanatory.
I will also repost -the chart ETH - a molly wopping in 3 parts that still gets no love. Possible one of the best charts Ive seen in trading view if I dont say so myself. But I guess I am saying so..... err....
Its time to be accumulating BTC. The time to sell the rallies ends soon.