Murrey Math Lines 30.12.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is moving below the 200-day Moving Average, thus indicating a possible descending tendency. In this case, the price is expected to break 0/8 and then continue falling towards the support at -1/8. However, this scenario may no longer be valid if the price breaks 1/8 to the upside. After that, the instrument may continue growing to reach the resistance at 2/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is moving below the 200-day Moving Average, thus indicating a descending tendency. In this case, the pair is expected to continue falling towards its local lows not far from the support at 0/8. Still, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may reverse and grow to reach 3/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards to reach 0/8 from the H4 chart.
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