Murrey math lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs. Japanese Yen”
In the H4 chart, after breaking the 200-day Moving Average, USDJPY is trading below it, thus indicating a descending tendency. In this case, the price is expected to test 2/8, rebound from it, and then resume falling to reach the support at 1/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may continue growing towards the resistance at 4/8.
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 the descending tendency.
USD/CAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is trading above the 200-day Moving Average. In this case, the price is expected to test 7/8, rebound from it, and then resume the ascending tendency to reach the resistance at 8/8. Still, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may reverse and fall towards the support at 5/8.
As we can see in the M15 chart, the pair has broken the upside line of the Volty Channel indicator and, as a result, may continue trading upwards to reach 8/8 from the H4 chart.
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