Murrey Math Lines 28.07.2021 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after failing to break 1/8, USDJPY is trading above it. In this case, the price is expected to test 2/8, break it, and then continue growing to reach the resistance at 3/8. However, this scenario may no longer be valid if the price breaks 1/8 to the downside. After that, the instrument may fall towards the support at 0/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.
USDCAD, “US Dollar vs Canadian Dollar”
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 rebound from 7/8 and resume growing towards the resistance at 8/8. Still, this scenario may no longer be valid if the price breaks 7/8 to the downside. After that, the instrument may continue trading downwards to reach the support at 6/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards.
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