Murrey math lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs Japanese Yen”
USD/JPY quotes are in the overbought area on D1. The RSI is approaching the overbought area. In this situation, the price is expected to rebound from the +1/8 (151.56) level and decline to the support at 7/8 (148.43). The scenario could be cancelled by rising above the +1/8 (151.56) level. In this case, the pair might maintain its upward trajectory, reaching the resistance at +2/8 (153.12).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD quotes are approaching the overbought area on D1, while the RSI is approaching the resistance level. In this situation, the quotes are expected to test the 8/8 (1.3671) level, rebound from it, and drop to the support at 6/8 (1.3427). The scenario could be cancelled by surpassing the 8/8 (1.3671) level. In this case, the pair might rise to the resistance at +1/8 (1.3793).
On M15, after a rebound from 8/8 (1.3671) on D1, the decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
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