Murrey math lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to break 1/8 and then continue falling to reach the support at -1/8. However, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may grow towards the resistance at 3/8.
In the M15 chart, the pair may break the downside line of the Volty Channel indicator and, as a result, continue its decline.
USD/CAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is within the “overbought area”. In this case, the price is expected to break 8/8 and then continue falling towards the support at 6/8. Still, this scenario may no longer be valid if the price breaks the resistance at +1/8 to the upside. After that, the instrument may continue trading upwards to reach +2/8.
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 to reach 6/8 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.