Murrey Math Lines 28.06.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are in the overbought area on H4. The RSI has formed a divergence. As a result, a downward breakout of 8/8 (143.75) is expected, followed by a decline to the support level of 7/8 (142.18). The scenario can be cancelled by rising above the resistance level of +1/8 (145.31). In this case, the pair might go on growing and reach +2/8 (146.87).
On M15, a further decline in the pair could be additionally supported by a breakout of the lower line of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes have broken the 0/8 (1.3183) level on H4, escaping the oversold area. The RSI has broken the resistance line. As a result, a test of 1/8 (1.3244) is expected, followed by a breakout and a rise to the resistance at 2/8 (1.3305). This move is interpreted as a correction of a downtrend. The scenario can be cancelled by a downward breakout of the support at 0/8 (1.3183). In this case, the pair could return to -1/8 (1.3122).
On M15, the upper line of the VoltyChannel is broken. This increases the probability of further price growth.
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