Murrey Math Lines 01.07.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is moving between 3/8 and 5/8. In this case, the price is expected to break 3/8 and continue falling towards the support at 2/8. However, this scenario may no longer be valid if the price breaks 5/8 to the upside. After that, the instrument may continue trading upwards to reach the resistance at 7/8.
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”
As we can see in the H4 chart, USDCAD is also consolidating. In this case, the pair is expected to rebound from 3/8 and resume growing towards the resistance at 5/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may continue moving downwards to reach the support at 2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards to reach 5/8 from the H4 chart.
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.