Murrey Math Lines 06.01.2022 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading within the “overbought area”. In this case, the price is expected to test 8/8, break it, and correct downwards to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks +1/8 to the upside. After that, the instrument may reverse and grow towards the resistance at +2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue falling.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, after breaking the 200-day Moving Average, USDCAD is trading above it, thus indicating an ascending tendency. In this case, the price is expected to test 6/8, break it, and continue growing towards the resistance at 8/8. Still, this scenario may no longer be valid if the price breaks the support at 5/8 to the downside. After that, the instrument may correct downwards to reach 3/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.