Murrey Math Lines 24.08.2022 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
On the H4 chart, after rebounding from 8/8, USDJPY is trading below it. In this case, the price is expected to test the support at 7/8, break it, and then continue falling and reach 6/8. However, this scenario may no longer be valid if the price breaks the resistance at 8/8 to the upside. After that, the instrument may reverse and grow towards +1/8.
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 its decline.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 5/8 and continue growing towards the resistance at 6/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at 4/8 to the downside. After that, the instrument may reverse and fall to reach 3/8.
On the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards to reach 6/8 from the H4 chart.
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