Murray Math Lines 29.01.2013 (USD/CAD, USD/JPY, EUR/JPY)

Analysis for January 29^th, 2013

USD/CAD

Canadian Dollar is still being corrected and this consolidation is supported by the H4 Super Trend’s line. If the pair rebounds from the current levels, the price will start a new ascending movement. The short-term target is at the 8/8 level.



The pair is moving in the upper part of the H1 chart; the bears haven’t been able to keep the price below the 6/8 level for a long time so far. If the pair breaks this level backwards, the price may start a new ascending movement. After the market breaks the +2/8 level, the lines at the chart will be redrawn

USD/JPY

It looks like the bulls decided to stop for a while. However, reverses hardly ever occur at the 6/8 level, so the price is expected to continue growing up towards new maximums quite soon. The target is at the 8/8 level.



At the H1 chart the USD/JPY currency pair is moving inside an “overbought zone”; the price has already rebounded from the 8/8 level several times. We can’t exclude a possibility that the market may start growing up again during Tuesday. If the market breaks the +2/8 level, the lines at the chart will be redrawn.

EUR/JPY

The pair is consolidating in the upper part of the H4 chart; the bulls are supported by the H4 Super Trend’s line. Most likely, the buyers will reach the 8/8 level in the nearest future.



At the H1 chart the EUR/JPY currency pair is being corrected inside an “overbought zone”; the price may start a new ascending movement during the next couple of hours. If the market breaks the +2/8 level, the lines at the chart will be redrawn



 
RoboForex Analytical Department