Murrey math lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is approaching the “Overbought area”. In this case, the price is expected to test the resistance at 8/8, rebound from it, and then resume falling to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may continue growing towards 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 its decline. However, before that, it must test 8/8 from the H4 chart.
USD/CAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to test 3/8, break it, and then continue growing towards the resistance at 4/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at 2/8 to the downside. After that, the instrument may reverse and fall towards 1/8.
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.
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