Murrey Math Lines 30.08.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the price is expected to rise above 6/8 (146.87) and continue growing to the resistance at 7/8 (148.43). The scenario can be cancelled by a downward breakout of the support at 5/8 (145.31). In this case, the pair could correct to 4/8 (143.75).
On M15, the price rise could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, a test of 7/8 (1.3610) is expected, followed by a breakout and a rise to the resistance at 8/8 (1.3671). The scenario can be cancelled by a downwards breakout of the support at 6/8 (1.3549). In this case, the pair could return to 5/8 (1.3488).
On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of a further price rise.
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