Murrey Math Lines 03.03.2021 (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 break +1/8 and then continue falling towards the support at 7/8. However, this scenario may no longer be valid if the price breaks +2/8 to the upside. After that, the lines in the chart will be redrawn, thus helping us to define new targets.
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”
In the H4 chart, USDCAD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to continue falling towards the closest support at 2/8. Still, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may correct to reach the resistance at 4/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator again and, as a result, may continue trading downwards.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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