Murray Math Lines 17.05.2012 (GBP/JPY, EUR/GBP, CAD/JPY)

Analysis for May 17^th, 2012

GBP/JPY

The price has entered an “oversold zone” once again, thus allowing me to move the stop on sell order into the black. The bears are supported by the H4 Super Trend’s line. In the nearest future the pair may break the -2/8 level and the lines at the chart will be redrawn.



At the H1 chart the pair is also moving inside an “oversold zone”, and the structure of the price movement indicates that it will continue falling down. During the next several days we can expect the price to break the -2/8 level. After that the lines at the H1 chart will be redrawn.

EUR/GBP

After making a very long descending movement, the EUR/GBP currency pair is being corrected. Despite the fact that the price has broken the H4 Super Trend’s line, the forecast remains bearish. The short‑term target is at the 0/8 level.



The bulls haven’t been able to break the 5/8 level so far. Most likely, the local correction will be finished soon. After that we can expect the price to break the 0/8 level and enter an “oversold zone”.

CAD/JPY

The CAD/JPY currency pair has been consolidating over the last several days. There is a possibility that one of these fays the bears will try to break the local minimum and start pushing the market downwards again. The target is still at the 0/8 level.



At the H1 chart the price is moving below the 3/8 level, thus indicating that it may continue falling down. Taking into consideration the situation on major time frames, we can expect the pair to break both the 0/8 and -2/8 levels. After that the lines at the chart will be redrawn.