Murrey Math Lines: USD/JPY, USD/CAD
|USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the descending tendency continues. Right now, USDJPY is trading below 3/8. In this case, the price is expected to rebound from this level and resume falling to reach the support at 1/8. However, this scenario may be no longer valid if the price breaks 3/8. After that, the instrument may resume trading upwards to reach the resistance at 5/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is trading according to the forecast. Some time ago, the pair stopped at 1/8, which means that it may start a new correction towards 3/8. To confirm this scenario, the price must break the resistance at 2/8. However, as long as the instrument is trading below this level, the “decline” scenario is more probable. In this case, the target will be the support at 0/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.
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