Murrey Math Lines 21.06.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the price is expected to rise above 7/8 (142.18), from where it could climb to the resistance at 8/8 (143.75). The scenario can be cancelled by a downward breakout of the support at 6/8 (140.62). In this case, the pair might correct to 5/8 (139.06).
On M15, a further rise of the pair could be supported by a breakout of the upper line of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has rebounded from 0/8 (1.3183) on H4, which is the upper border of the oversold area. The RSI is testing the support line. As a result, in these circumstances, the quotes are expected to rise above 1/8 (1.3244) and might later grow to the resistance at 2/8 (1.3305). This move is interpreted as a correction of a downtrend. The scenario can be cancelled by a downward breakout of 0/8 (1.3183). In this case, the pair could continue the downward move and drop to -1/8 (1.3122).
On M15, a new breakout of the upper line of the VoltyChannel might increase the probability of a rise to 2/8 (1.3305) on H4.
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