Murrey Math Lines 06.09.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI, however, has reached the overbought area, indicating a possible correction. As a result, in this situation, a downward breakout of 6/8 (146.87) is expected, followed by a decline to the support level of 5/8 (145.31). The scenario can be cancelled by rising above the resistance at 7/8 (148.43). In this case, the pair could continue rising, and the quotes might reach 8/8 (150.00).
On M15, the decline might be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes have reached the overbought area on H4. The RSI is testing the resistance line. In this situation, the 7/8 (1.3610) level is expected to break, after which the price coup fall to the support level of 6/8 (1.3549). The scenario can be cancelled by rising above the resistance at 8/8 (1.3671). In this case, the pair might reach +1/8 (1.3732).
On M15, a breakout of the lower boundary of the VoltyChannel might increase the probability of a further price decline.
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