Murrey Math Lines 02.08.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are hovering above the 200-day Moving Average on H4, which indicates a prevailing uptrend. The RSI is nearing the support line. In these circumstances, the quotes are expected to test the 6/8 (142.18) level, then rebound from it and reach the resistance at 8/8 (143.75). The scenario can be cancelled by a downward breakout of the support at 6/8 (142.18). In this case, the pair might drop to 5/8 (141.40).
On M15, the upper line of the VoltyChannel is too far away from the current price, so further growth of the quotes can be supported by a rebound from the 6/8 (142.18) level on H4.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes have broken the 200-day Moving Average on H4 and are now hovering above it, which indicates a potential uptrend. The RSI is testing the resistance line. In this situation, the price is expected to break the resistance at the 2/8 (1.3305) level and continue to grow to 3/8 (1.3367). The scenario can be cancelled by a downward breakout of the support at 1/8 (1.3244), which could lead to a decline to 0/8 (1.3183).
On M15, the upper line of the VoltyChannel has been broken, which increases the probability of a further price rise.
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