Murray Math Lines 11.01.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are under the 200-day Moving Average, indicating prevalence of a downtrend. The RSI is testing the resistance line. A downward breakaway of 0/8 (131.25) should be expected, followed by falling to the support level of -1/8 (129.68). The scenario can be cancelled by rising over the resistance level of 1/8 (132.81), in which case the pair may rise to 2/8 (134.37).
On M15, falling of the quotes can be additionally supported by a breakaway of the lower border of VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are also under the 200-day Moving Average, indicating prevalence of a downtrend. The RSI is nearing the resistance line. In such circumstances, a bounce off 4/8 (1.3427) should be expected, followed by falling to the support level of 2/8 (1.3305). The scenario can be cancelled by rising over the resistance level of 5/8 (1.3488), which might entail growth of the pair to 7/8 (1.3610).
On M15, a breakaway of the lower border of VoltyChannel will increase the probability of further price falling.
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.