Murrey Math Lines 12.02.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after breaking 5/8, USDJPY is trading above it. In this case, the price is expected to continue growing to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may start a new decline towards the support at 3/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, there was a false breakout of 6/8. In this case, USDCAD may continue falling to reach the support at 5/8. However, this scenario may no longer be valid if the price breaks 6/8 to the upside. After that, the instrument may continue growing towards 7/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards to reach 5/8 from the H4 chart.
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