Murrey Math Lines: USD/CAD, USD/JPY
|USDCAD, “US Dollar vs Canadian Dollar”
As we can see at the H4 chart, the USD/CAD pair is trading a bit above the consolidation range, which means that it may continue growing. However, there is a possibility that the price may break the upside border of the range at the 5/8 level (1.2756) and then continue falling towards the downside border at the 3/8 one (1.2634).
At the H1 chart, the pair is trading below the 5/8 level at (1.2756) and may continue falling towards the 3/8 one (1.2741). Later, the instrument may break the latter level and move downwards to reach the main target at 1.2634.
As we can see at the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue falling.
USDJPY, “US Dollar vs. Japanese Yen”
At the H4 chart, the USD/JPY pair is consolidating, that’s why it’s rather difficult to predict the future price movement, so we’ll have to consider two possible scenarios. According to the first scenario, the price may rebound from the 3/8 level (112.10) and resume growing to reach the 5/8 one (112.89). The second scenario suggests that the instrument may break the 3/8 level and continue falling towards the support at the 0/8 one (110.93).
As we can see at the H1 chart, the pair is trading inside the “oversold area” below the 0/8 level. In the future, the pair may rebound from the -1/8 level (112.10) and start moving upwards to reach the 1/8 one (112.89).
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