Murray Math Lines 15.05.2012 (USD/JPY, EUR/GBP, CAD/JPY)

Analysis for May 15^th, 2012

USD/JPY

The USD/JPY currency pair is moving below the 3/8 level. Yesterday the correction started from the 2/8 level. There is a possibility that the price may test the daily Super Trend’s line, and if it rebounds from the line, the descending trend will continue. The target for the bears is at the 0/8 level.



Taking into consideration the fact that the price rebounded from the 2/8 level, we can expect it to start falling down again. We can’t exclude a possibility that the 2/8 and 3/8 levels may be tested once again. If the market rebounds from these levels, the pair will move on to reach the -2/8 one, break it, and the lines at the chart will be redrawn.

EUR/GBP

After breaking the 4/8 level, the price is trying to stay below the 3/8 one. The descending movement is supported by the Super Trend’s line. If the bears can stay below this level, the price will continue falling down towards the 0/8 one, where Take Profit on sell order is placed.



At the H1 chart the correction started from the 1/8 level, but it won’t take much time. Most likely, the price will start moving downwards again in the nearest future. We can’t exclude a possibility that the price may break the -2/8 level during the next several days. In this case the lines at the chart will be redrawn.

CAD/JPY

The CAD/JPY currency pair continues consolidating near the H4 Super Trend’s line. Taking into consideration the fact that the market is moving below the 3/8 level, we can expect the price to start moving downwards again. The target for the bears is the 0/8 level, where Take Profit on sell order is placed.



At the H1 chart the price is being corrected between the 5/8 and 3/8 levels. There is a possibility that the market may continue falling down and reach the 0/8 level within the next several days.