USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is approaching the “Overbought area”. In this case, the price is expected to test the resistance at 8/8, rebound from it, and then resume falling to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may continue growing towards the resistance at +1/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline. However, before that, it must test 8/8 from the H4 chart.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to test 3/8, break it, and then continue growing towards the resistance at 4/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at 2/8 to the downside. After that, the instrument may reverse and fall towards 1/8.
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.
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.