Murrey Math Lines 02.12.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
On H4, the USDJPY quotations returned to the consolidation range. We expect the price to grow to 4/8. A breakaway of this level will bring the quotations to the resistance at 5/8. The scenario will be canceled if 3/8 is broken downwards. This will cause further falling to the support at 2/8.
On M15, the upper border of the VoltyChannel indicator is broken. This increases the chances for further growth of the price.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotations are trading under the 200-days Moving Average, which indicates the prevailing of a downtrend. However, the price has already reached the oversold area. We expect a bounce off 0/8 and further growth to the resistance at 2/8. This will be interpreted as a correction. The scenario might no longer be valid if 0/8 is broken downwards, which will bring the price deeper down to the support at -1/8.
On M15, a breakaway of the upper border of VoltyChannel will additionally support the growth of the price.
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.