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 above the 200-day Moving Average, thus indicating an ascending tendency. Having broken 7/8 and fixed above it, the price is expected to continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 7/8 to the downside. After that, the instrument may reverse and correct towards the support at 6/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.
USD/CAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is re-testing the resistance at 8/8. In this case, the price is expected to rebound from this level and then resume falling towards the support at 6/8. Still, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may grow to reach the resistance at +1/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue falling to reach 6/8 from the H4 chart.
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