Murrey Math Lines 25.05.2022 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, after breaking the 200-day Moving Average, USDJPY is trading below it to indicate a possible descending tendency. In this case, the price is expected to break 1/8 and then continue falling to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks the resistance at 2/8 to the upside. After that, the instrument may reverse and move towards 4/8.
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 trading downwards.
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 may break 5/8 and then continue growing towards the resistance at 6/8. On the other hand, this scenario may no longer be valid if the pair breaks 4/8 to the downside. After that, the instrument may reverse and move downwards to reach the support at 3/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.
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