Murrey math lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to continue growing and reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks the support at 7/8 to the downside. After that, the instrument may correct down to 5/8.
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.
USD/CAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is also trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to test 2/8, break it, and then continue growing towards the resistance at 3/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at 1/8 to the downside. After that, the instrument may reverse and fall towards 0/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator again and, as a result, continue its growth.
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