USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is moving below the 200-day Moving Average, thus indicating a possible descending tendency. In this case, the price is expected to continue falling towards the target at 5/8. However, this scenario may no longer be valid if the price breaks 6/8 to the upside. After that, the instrument may continue growing to reach the resistance at 7/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart of USDCAD, the situation is quite similar as the asset is also moving below the 200-day Moving Average to indicate a descending tendency. However, the asset hasn’t been to break 3/8 and continue falling. In this case, the pair is expected to correct upwards to reach the resistance at 4/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may continue moving downwards to reach the support at 2/8.
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 4/8 from the H4 chart.
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.