Murrey Math Lines 03.02.2021 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is moving above the 200-day Moving Average, thus indicating an ascending tendency. However, right now, the asset is rebounding from 5/8. In this case, the price is expected to correct to break the closest support at 4/8 and then continue falling towards the next support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8 to the upside. After that, the instrument may continue growing to reach the resistance at 6/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is moving between 1/8 and 2/8. Right now, the asset is rebounding from 1/8. In this case, the price is expected to move upwards to break the closest resistance at 2/8 and then continue growing towards the next one at 3/8. Still, this scenario may no longer be valid if the price breaks 1/8 to the downside. After that, the instrument may reverse and return to 0/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
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