Murrey Math Lines 29.07.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is moving inside the “oversold area”. In this case, the price is expected to break -1/8 and then continue growing towards the resistance at 0/8. However, this scenario may no longer be valid if the price breaks -2/8 to the downside. After that, the lines at the chart will be redrawn, thus helping to define new downside targets.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is consolidating at 3/8. In this case, the pair is expected to rebound from this level and then resume growing towards the resistance at 5/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may continue moving downwards to reach the support at 2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards to reach 5/8 from the H4 chart.
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