Murrey Math Lines 02.09.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
On H4, the quotations escaped the overbought area and are currently trading under 8/8. We expect the price to decline further to the support at 6/8. The scenario may be canceled by a breakaway of 8/8 upwards, which may bring the price to the resistance at +1/8.
On M15, if the lower line of the VoltyChannel indicator is broken, the decline to 6/8 on H4 will become more probable.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotations broke away 3/8 and are trading in a consolidation range. Currently, we might expect it to grow to the resistance level at 4/8. This scenario will no longer be valid if 3/8 is broken downwards, which will bring the price to the support at 2/8.
On M15, the upper border of VoltyChannel is broken away. This increases the chances that the price will go on growing.
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.