Murrey Math Lines 05.05.2021 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading above the 200-day Moving Average, thus indicating a possible ascending tendency. In this case, the price is expected to break 4/8 and then continue growing to reach the resistance at 6/8. However, this scenario may no longer be valid if the price rebounds from 3/8 to the downside. After that, the instrument may correct towards the support at 2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue the ascending tendency.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see 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 break the support at 1/8 and then continue falling towards 0/8. If it happens, the asset will reach the “oversold area” and start a new correction there. Still, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may correct upwards to reach the resistance at 3/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
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