Murrey math lines: USD/JPY, USD/CAD

USD/JPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY has rebounded from the resistance at 8/8. In this case, the price is expected to break 7/8 and correct downwards to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may reverse and grow towards the resistance at +2/8.

USDJPY

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue falling.

USDJPY

USD/CAD, “US Dollar vs Canadian Dollar”

In the H4 chart, USDCAD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 1/8, break it, and continue falling towards the support at 0/8. Still, this scenario may no longer be valid if the price breaks the resistance at 2/8 to the upside. After that, the instrument may correct upwards to reach 4/8.

 

USDCAD

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.

USDCAD