Murrey Math Lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USD/JPY is no longer moving inside the “oversold area”; right now, it is trading above 0/8. In this case, the price may continue growing to reach the resistance at 3/8. However, this scenario may no longer be valid if the price breaks 0/8. After that, the instrument may start a new decline towards the support at -1/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, continue trading upwards to reach the resistance at 3/8 from the H4 chart.
USD/CAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USD/CAD is consolidating. In this case, the pair is expected to test 5/8, rebound from it, and then resume falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8. After that, the instrument may start a new ascending impulse towards the resistance at 6/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards.
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