Murrey Math Lines 05.02.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is consolidating. In this case, the price is expected to rebound from 4/8 and then resume growing to reach 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 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, may continue trading upwards to reach 5/8 from the H4 chart.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is moving inside the “overbought area”. In this case, the pair may break +1/8 and continue falling to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks +2/8 to the upside. After that, the lines in the chart will be redrawn.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, 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.