Murrey Math Lines: USD/JPY, USD/CAD
|USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, the decline was stopped by 1/8, which is not a strong resistance level. It means that bearish pressure on USDJPY is decreasing and bulls may try to take advantage of it. In this case, the price is expected to grow towards the resistance at 3/8. To confirm this scenario, the pair must break 2/8. However, this scenario may be no longer valid if the price breaks 1/8. After that, the instrument may resume trading downwards to reach the support at 0/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is trading close to the “oversold area”. In this case, the pair is expected to test 1/8, rebound from it, and then resume growing to reach the resistance at 2/8. However, this scenario may no longer be valid if the price breaks -1/8. After that, the instrument may continue falling towards the support at -2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards.
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