Murrey Math Lines 24.03.2021 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, after breaking 7/8, USDJPY is expected to correct downwards to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks the resistance at 7/8 to the upside. After that, the instrument may continue growing towards 8/8.
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”
In the H4 chart, after reaching the 200-day Moving Average, USDCAD is expected to complete the correction, break 7/8 to the downside, and then continue falling with the first target at 6/8. Still, this scenario may no longer be valid if the price breaks the Moving Average to the upside. After that, the instrument may reverse and resume growing towards 8/8.
As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the descending tendency only after breaking 7/8 from the H4 chart.
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