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 downside border at the 3/8 level, rebound from it, and then resume growing to reach the upside border at the 5/8 one.
At the H1 chart, the pair is trading inside the “oversold zone” below the support at the 0/8 level. Possibly, the price may test the -2/8 level, rebound from it, and then resume moving upwards to the 2/8 one. However, if the price breaks the 0/8 level, the instrument may will not test the -2/8 one.
At the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, move towards 113.28.
USDCAD, “US Dollar vs Canadian Dollar”
At the H4 chart, the USD/CAD pair is expected to test the support at the 0/8 level, rebound from it, and then grow towards the 3/8 one.
The lines at the H4 and H1 charts are completely the same and confirms the above-mentioned scenario: the price is expected to rebound from the 0/8 level and resume growing to reach the 3/8 one.
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