Murrey Math Lines 05.07.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI has rebounded from the support line. In these circumstances, the price is expected to break the level of 5/8 (145.31) and rise to the resistance at 6/8 (146.87). The scenario can be cancelled by a downward breakout of the support at 4/8 (143.75). In this case, the pair could correct to the 3/8 (142.18) level.
On M15, the price rise could be supported by a breakout of the upper line of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI is testing the resistance line. In these circumstances, a rebound from the level of 1/8 (1.3244) is expected, followed by a decline to the support at -1/8 (1.3122). The scenario can be cancelled by rising above the resistance at 2/8 (1.3305), which could lead to a trend reversal and a rise to 4/8 (1.3427).
On M15, a breakout of the lower line of the VoltyChannel will increase the probability of a further price decline.
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