Murrey Math Lines 07.10.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is moving above the 200-day Moving Average, thus indicating a possible ascending tendency. In this case, the price is expected to continue growing towards the target at 8/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may continue falling to reach the support at 5/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart of USDCAD, the situation is quite similar as the asset is also moving above the 200-day Moving Average to indicate an ascending tendency after a correction to the downside. In this case, the pair is expected to continue growing towards the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may continue moving downwards to reach the support at 4/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards to reach 8/8 from the H4 chart.
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