Murrey math lines: USD/JPY, USD/CAD
USD/JPY, “US Dollar vs Japanese Yen”
USD/JPY quotes and the RSI have reached the oversold areas on H4. In this situation, the quotes are expected to rebound from the 0/8 (146.87) level and rise to the resistance at 2/8 (148.43). The scenario can be cancelled if they break the 0/8 (146.87) level downwards. In this case, the pair could maintain its downward trajectory, with the quotes possibly falling to the support at -1/8 (146.09).
On M15, the upper boundary of the VoltyChannel is too far away from the current price, so the price rise could be supported by a rebound from the 0/8 (146.87) level on H4.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. However, the RSI is in the oversold area. As a result, in this situation, the price is expected to rebound from 2/8 (1.3549) and rise to the resistance at 4/8 (1.3671). This movement is considered a correction as part of a downtrend. The scenario can be cancelled by a downward breakout of 1/8 (1.3488). In this case, the pair might drop to the support at 0/8 (1.3427).
On M15, the price rise could be additionally supported by a breakout of the upper 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.
