Murrey Math Lines 10.11.2021 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotations are trading in a consolidation range between 3/8 and 5/8. In this case, we expect a test of 4/8, a bounce off it, and growth to the resistance level of 5/8. This scenario can be cancelled by a breakaway of 4/8 downwards. In this situation, the quotations will continue the decline to the support level of 3/8.
On M15, the growth can be confirmed by a breakaway of the upper line of VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotations are trading under the 200-days Moving Average, which hints on a prevailing downtrend. In this case, we expect a bounce off 6/8 and a subsequent decline to the support level of 5/8. The scenario can be cancelled by a breakaway of 6/8 upwards. This can reverse the trend and make the pair grow to the resistance level of 7/8.
On M15, the decline can be confirmed by a breakaway of the lower line of VoltyChannel.
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