Murrey math lines: USD/JPY, USD/CAD
USD/JPY, “US Dollar vs Japanese Yen”
USD/JPY quotes are in the overbought area on H4. The RSI has broken the support line. In this situation, a downward rebound from +1/8 (147.81) is expected, followed by a decline to the support at 8/8 (146.87). The scenario can be cancelled by rising above the resistance at +2/8 (148.43), which will reshuffle Murrey lines, after which new price targets will be set.
On M15, a breakout of the lower boundary of the VoltyChannel will increase the probability of a price decline.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD quotes are under the 200-day Moving Average on H4, indicating the probability of a downtrend development. The RSI is approaching the resistance line. In this situation, a test of 5/8 (1.3488) is expected, followed by a rebound from this level and a decline to the support at 3/8 (1.3366). The scenario can be cancelled by rising above the resistance level at 5/8 (1.3488). In this case, the pair could rise to 6/8 (1.3549).
On M15, after a rebound from the 5/8 (1.3488) on H4, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
Author
RoboForex Team
RoboForex
RoboForex Team is a group of professional financial experts with high experience on financial market, whose main purpose is to provide traders with quality and up-to-date market information.
