Murrey Math Lines 16.12.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is moving below the 200-day Moving Average and 3/8, thus indicating a possible descending tendency. In this case, the price is expected to break 1/8 and then continue falling towards the support at 0/8. However, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may continue growing to reach the resistance at 3/8.
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.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is moving below the 200-day Moving Average, thus indicating a descending tendency. At the moment, the asset is rebounding from 0/8. In this case, the pair is expected to resume growing towards the closest resistance at 1/8. Still, this scenario may no longer be valid if the price breaks 0/8 to the downside. After that, the instrument may reverse and fall to reach the support at -1/8.
In the M15 chart, the pair may beak the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
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