Murrey Math Lines 09.12.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotations are trading under the 200-days Moving Average, revealing a downtrend. We expect a breakaway of 2/8, followed by a decline to the support at 1/8. The scenario might be canceled by a breakaway of 3/8 bottom-up. This might send the price to the resistance level at 4/8.
On M15, a breakaway of the lower border of the VoltyChannel indicator can support the decline of the price.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotations are also trading under the 200-days Moving Average, revealing a downtrend. The price has just broken through 1/8 and secured below this level. As a result, we expect further falling to the support level of 0/8. The scenario might be canceled by a breakaway of 1/8 bottom-up, which will drive the price to the resistance level of 2/8.
On M15, a breakaway of the lower border of VoltyChannel can increase the probability of the decline of the price.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.