Murrey Math Lines 24.05.2023 (USDJPY, USDCAD)

USDJPY, “US Dollar vs Japanese Yen”

On H4, the quotes are in the overbought area. The RSI has formed a divergence on its chart. In this situation, a downward breakout of +1/8 (138.28) is expected, followed by a decline to the support level of 7/8 (132.71). The scenario can be cancelled by breaking the resistance level of +2/8 (139.06), which will reshuffle the Murrey lines, so that new price targets could be set.

On M15, an additional signal for further price decline might become a breakout of the lower border of the VoltyChannel.

USDCAD, “US Dollar vs Canadian Dollar”

On H4, USDCAD quotes are on the 200-day Moving Average, which means a lack of any trend. The RSI has broken the support line. As a result, a downward breakout of 5/8 (1.3488) is expected, followed by a decline to the support at 4/8 (1.3427). The scenario can be cancelled by rising above the resistance at 6/8 (1.3549). In this case, the pair could rise to 7/8 (1.3610).

On M15, a breakout of the lower border of the VoltyChannel will increase the probability of price decline on H4.