Murrey Math Lines 25.01.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are under the 200-day Moving Average, which implies a downtrend. The RSI is nearing the resistance line. A test of 3/8 (129.68) is expected, followed by a breakaway and falling to the support level of 2/8 (128.12). The scenario can be cancelled by rising over the resistance level of 4/8 (131.25). In this case, the pair may climb up to 5/8 (132.81).
On M15, a breakaway of the lower line of VoltyChannel will increase the probability of further falling of the price.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are also under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI has bounced off the resistance line. Here a downward breakaway of 2/8 (1.3305) should be expected, followed by falling to the support level of 1/8 (1.3244). The scenario can be cancelled by rising over the resistance level of 3/8 (1.3366). This might make the pair grow to 4/8 (1.3427).
On M15, falling of the pair can additionally be supported by a breakaway of the lower border of VoltyChannel.
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.