Murrey Math Lines 04.08.2021 (USDJPY, USDCAD)
USDJPY, "US Dollar vs Japanese Yen"
On H4, the quotations are trading in the oversold area. We expect the level of 0/8 to be tested, broken away, after which the quotations will grow to the resistance level of 1/8. The scenario can be canceled by a breakaway of -1/8 downwards, which will make them fall deeper to the support level of -2/8.
On M15, a breakaway of the upper line of VoltyChannel will increase the probability of price growth.
USDCAD, "US Dollar vs Canadian Dollar"
The quotations of the currency pair are trading above the 200-days Moving Average, indicating an uptrend. We expect a bounce off 5/8 and further growth to the resistance level of 7/8. The scenario can be canceled by a breakaway of 5/8 downwards. This might lead to a decline to 4/8.
On M15, the upper line of VoltyChannel has been broken away. This confirms the presence of an uptrend and a high probability of further growth.
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