Murrey Math Lines 04.12.2019 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is consolidating. In this case, the price is expected to test the support at 3/8, rebound from it, and then resume growing to reach the resistance at 5/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may start a new decline towards the support at 1/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, correct upwards to reach 5/8 from the H4 chart.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is moving between 5/8 and 6/8. In this case, the pair may break 6/8 and then continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks the support at 5/8. After that, the instrument may continue falling towards 3/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards.
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