Murrey Math Lines 15.03.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, USDJPY is above the 200-day Moving Average, which indicates that an upward trend is prevailing. The RSI has broken the resistance line. In this situation, the pair is expected to test the 7/8 (135.93) and its further breakdown to the resistance level of 8/8 (137.50). The likely scenario can be negated if the price breaks through the support at 5/8 (132.81), which will lead to the change of the tendency and downfall to the 4/8 (131.25).
On M15, the upper line of the VoltyChannel indicator has been broken. This event increases the probability of further price growth.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, USDCAD is at the overbought area. The RSI has broken the support line. The price is likely to break through the 8/8 (1.3671) and continue falling down of the support at 7/8 (1.3549). A break-upto the resistance level of +1/8 (1.3793) would be a reversal of this scenario. In this case the price can go up to the +2/8 (1.3916).
On M15, the bottom line of the VoltyChannel indicator has been broken, which increases the probability of further price decline.
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