USDJPY, “US Dollar vs. Japanese Yen”
On the H4 chart, after rebounding from 8/8, USDJPY is trading below it. In this case, the price is expected to test the support at 7/8, break it, and then continue falling and reach 6/8. However, this scenario may no longer be valid if the price breaks the resistance at 8/8 to the upside. After that, the instrument may reverse and grow towards +1/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 5/8 and continue growing towards the resistance at 6/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at 4/8 to the downside. After that, the instrument may reverse and fall to reach 3/8.
On the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards to reach 6/8 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.