Murrey Math Lines 14.08.2019 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is no longer moving inside the “oversold area”; right now, it is trading above 0/8. In this case, the price may continue growing to reach the resistance at 3/8. However, this scenario may no longer be valid if the price breaks 0/8. After that, the instrument may start a new decline towards the support at -1/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, continue trading upwards to reach the resistance at 3/8 from the H4 chart.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is consolidating. In this case, the pair is expected to test 5/8, rebound from it, and then resume falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8. After that, the instrument may start a new ascending impulse towards the resistance at 6/8.
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.
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.