Murray Math Lines 11.01.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are under the 200-day Moving Average, indicating prevalence of a downtrend. The RSI is testing the resistance line. A downward breakaway of 0/8 (131.25) should be expected, followed by falling to the support level of -1/8 (129.68). The scenario can be cancelled by rising over the resistance level of 1/8 (132.81), in which case the pair may rise to 2/8 (134.37).
On M15, falling of the quotes can be additionally supported by a breakaway of the lower border of VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are also under the 200-day Moving Average, indicating prevalence of a downtrend. The RSI is nearing the resistance line. In such circumstances, a bounce off 4/8 (1.3427) should be expected, followed by falling to the support level of 2/8 (1.3305). The scenario can be cancelled by rising over the resistance level of 5/8 (1.3488), which might entail growth of the pair to 7/8 (1.3610).
On M15, a breakaway of the lower border of VoltyChannel will increase the probability of further price falling.
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