Murrey Math Lines 03.06.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is moving above 5/8. In this case, the price is expected to break 6/8 and then continue growing towards the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may continue trading downwards to reach the support at 3/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue moving upwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is moving inside the “oversold area”. In this case, the pair is expected to break -1/8 and then continue growing towards the resistance at 1/8. However, this scenario may no longer be valid if the price breaks -2/8 to the upside. After that, the lines in the chart will be redrawn to help us define the next downside targets.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.