Murrey Math Lines 11.11.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, after breaking 5/8, 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 105.85. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may continue falling 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 moving upwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is moving below the 200-day Moving Average but the asset rebounded from 0/8 several days ago. In this case, the pair is expected to correct towards 3/8. Still, this scenario may no longer be valid if the price breaks 1/8 to the downside. After that, the instrument may continue moving downwards to reach the support at 0/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
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