Murrey Math Lines 17.06.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY has rebounded from the resistance at 3/8. In this case, the price is expected to continue falling towards the support at 1/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may continue trading 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, may continue moving downwards to reach 1/8 from the H4 chart.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart of USDCAD, the situation is quite similar. The asset is moving below 3/8. In this case, the pair is expected to continue falling towards the support at 1/8. 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.