Murrey Math Lines: USD/JPY, USD/CAD
|USDJPY, “US Dollar vs. Japanese Yen”
As we can see at the H4 chart, the USD/JPY pair is consolidating between the 3/8 and 5/8 levels. Right now, the price is expected to fall towards the 3/8 level (111.71). Later, the instrument may break this level and then continue falling towards the 2/8 one (110.93).
At the H1 chart, last night the pair managed to break the 8/8 level (112.50) and leave the “overbought zone”. At the moment, the first downside target is at 111.32; the main target is at the 4/8 level (110.93).
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.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see at the H4 chart, the USD/CAD pair is consolidating and today may continue moving inside this range. After plummeting last week, the price is expected to be corrected towards the 5/8 level (1.2756), rebound from it, and then continue falling.
At the H1 chart, the pair is moving near the support at the 0/8 level (1.2695) and may be corrected towards the 1/8 one (1.2756). Later, the price is expected to continue moving downwards.
As we can see at the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may be corrected towards 1.2756. However, if the price breaks the downside line, the instrument won’t test 1.2756.
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