Murrey math lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs Japanese Yen”
USD/JPY quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI has rebounded from the support line. In this situation, the price is expected to surpass the 6/8 (156.25) level and rise further to the 8/8 (162.50) resistance level. The scenario could be cancelled by a breakout of the 5/8 (153.12) support level. In this case, the quotes could drop to 4/8 (150.00).
On M15, the price rise might be additionally supported by a breakout of the upper line of the VoltyChannel.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD quotes have breached the 8/8 (1.3671) level and exited the overbought area on D1. The RSI is testing the resistance line. In this situation, the price is expected to decline further to the 6/8 (1.3427) support level. The scenario could be cancelled by rising above 8/8 (1.3671). In this case, the quotes might reach the +1/8 (1.3793) resistance level.
On M15, a breakout of the VoltyChannel lower line will increase the probability of a price decline.
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