Murrey Math Lines 07.04.2021 (USDJPY, USDCAD)
USDJPY, "US Dollar vs Japanese Yen"
On H4, the quotations are trading above the 200-days Moving Average, indicating an uptrend. We currently expect a test of 4/8, a bounce off this level, and further growth to the resistance at 5/8. The scenario can be canceled by a bounce off 4/8 downwards. In this case, the quotations might keep correcting and drop to 3/8.
On M15, a breakaway of the upper border of VoltyChannel will be an additional signal of further price growth.
USDCAD, "US Dollar vs Canadian Dollar"
On H4, the quotations bounced off the support at 5/8 and headed upwards, overcoming the resistance at 6/8. This means a probability of further growth to 7/8. The scenario can be canceled by a breakaway of the support on 6/8 downwards. In this case, the quotations will start falling again, and the price might get back to the level 5/8.
On M15, the upper border of VoltyChannel is broken away which increases the chances for growth to 7/8 on H4.
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.