Murrey Math Lines 27.01.2021 (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 descending tendency. In this case, the price expected to try to break 1/8 and then continue falling towards the support at 0/8. However, this scenario may no longer be valid if the price breaks 2/8 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.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is still moving below the 200-day Moving Average, thus indicating a descending tendency. However, the asset is moving very close to the “oversold area”, that’s why as soon as the price falls below 0/8, bulls revive and start pushing it towards the 200-day Moving Average again. And It has been happening for 20 consecutive trading sessions. Today, the pair is expected to break 0/8 again and re-enter the “oversold area” to continue its decline towards the support at -1/8. It remains to be seen whether the instrument recovers or not this time. Still, this scenario may no longer be valid if the price breaks 1/8 to the upside. After that, the instrument may reverse and correct to reach the resistance at 2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
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