Murrey Math Lines 28.12.2022 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are under the 200-day Moving Average, which indicates the downtrend. The RSI is nearing the overbought area. A bounce off the 3/8 (134.37) is expected, followed by falling to the support level of 2/8 (131.25). The scenario can be cancelled by rising over the resistance level of 3/8 (134.37). In this case, the correction will continue, and the pair may rise to 4/8 (137.50).
On M15, an additional signal confirming the decline will be a breakaway of the lower border of VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes have broken through the 200-day Moving Average, which indicates possible development of a downtrend. The RSI is testing the resistance line. A breakaway of 5/8 (1.3488) should be expected, followed by falling to the support level of 4/8 (1.3427). The scenario can be cancelled by rising over the resistance level of 6/8 (1.3549), which might lead to growth of the pair to 7/8 (1.3610).
On M15, the lower line of VoltyChannel is broken. This increases the probability of further price falling.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.