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 to indicate a descending tendency. In this case, the price is expected to test the support at 5/8, break it, and then continue falling and reach 4/8. However, this scenario may no longer be valid if the price breaks the resistance at 6/8 to the upside. After that, the instrument may reverse and grow towards 7/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
USD/CAD, “US Dollar vs Canadian Dollar”
In the H4 chart, after breaking the 200-day Moving Average, USDCAD is trading below it, thus indicating a possible descending tendency. In this case, the price is expected to break 2/8 and continue falling towards the support at 1/8. On the other hand, this scenario may no longer be valid if the pair breaks the resistance at 3/8 to the upside. After that, the instrument may reverse and grow to reach 5/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.
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