Murrey Math Lines 18.01.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are under the 200-day Moving Average which indicates a downtrend. The RSI is nearing the overbought area. As a result, a bounce off 4/8 (131.25) is expected, followed by falling to the support level of 2/8 (128.12). The scenario can be cancelled by rising over the resistance level of 4/8 (131.25). In this case, the pair will continue correcting and might reach 5/8 (132.81).
On M15, the lower line of VoltyChannel is too far away from the current price, so falling can only be initiated by a bounce off 4/8 (131.25) on H4.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are also under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI has broken through the support level. As a result, we expect a downward breakaway of 3/8 (1.3366) and 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 lead to a trend reversal and growth to 6/8 (1.3549).
On M15, a breakaway of the lower line of VoltyChannel will increase the probability of further price falling.
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