Murrey Math Lines 10.06.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is consolidating between 3/8 and 5/8. In this case, the price is expected to test 3/8, rebound from it, and then 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 trading downwards to reach 1/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, may continue moving 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 below 3/8. In this case, the pair is expected to continue falling towards the support at 0/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may correct upwards to reach the resistance at 5/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading 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.