Murrey Math Lines 22.02.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are in the overbought area. The RSI has bounced off the resistance line. A downward beakaway of 8/8 (134.37) is expected, followed by falling to the support level of 6/8 (132.81). The scenario can be cancelled by rising above the resistance level of +1/8 (135.15). In this case, the pair may reach +2/8 (135.93).
On M15, a breakaway of the lower border of VoltyChannel should serve as an additional signal supporting the decline.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. However, the RSI has reached the overbought area. In the end, a bounce off 6/8 (1.3549) should be expected, followed by falling to the support level of 5/8 (1.3488). The scenario can be cancelled by an upward breakaway of the resistance level of 6/8 (1.3549). This might make the price grow to 7/8 (1.3610).
On M15, the lower line of VoltyChannel is too far from the current price. Hence, falling can only be initiated by a bounce off 6/8 (1.3549) on H4.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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