Murrey Math Lines 23.12.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is moving below the 200-day Moving Average, thus indicating a possible descending tendency. At the moment, the asset is breaking 1/8 and that’s another signal in favor of further decline towards the support at -1/8. However, this scenario may no longer be valid if the price breaks 1/8 to the upside. After that, the instrument may continue growing to reach the resistance at 3/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards to reach -1/8 from the H4 chart.
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. In this case, the pair is expected to break 3/8 and then continue falling towards the support at 1/8. Still, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may reverse and grow to reach 5/8.
In the M15 chart, the pair may beak the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
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