Murrey Math Lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USD/JPY is consolidating. In this case, the price is expected to break 5/8 and then continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price rebounds from 5/8 to the downside. After that, the instrument may start a new decline towards the support at 3/8.
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.
USD/CAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, there has been a false breakout of 5/8. In this case, the pair may fall to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8 again. After that, the instrument may continue growing towards the resistance at 6/8.
In the M15 chart, we can see that the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards to reach 3/8 from the H4 chart.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.