Murrey math lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is consolidating between 3/8 and 5/8. In this case, the price is expected to test 3/8, rebound from it, and then resume growing to reach the resistance at 4/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may continue falling towards the next support at 2/8.
As we can see in the M15 chart, the upside line of the Volty Channel indicator is pretty far away from the price, that’s why the pair may resume the ascending tendency only after rebounding from 3/8 from the H4 chart.
USD/CAD, “US Dollar vs Canadian Dollar”
In the H4 chart, after rebounding from the 200-day Moving Average, USDCAD is trading below it, thus indicating a descending tendency. In this case, the price is expected to break 5/8 and continue the descending tendency to reach the support at 4/8. Still, this scenario may no longer be valid if the price breaks 6/8 to the upside. After that, the instrument may reverse and resume growing towards the resistance at 8/8.
As we can see in the M15 chart, the pair has broken the downside line of the Volty Channel indicator and, as a result, may continue trading downwards.
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