Murrey Math Lines 27.10.2021 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after failing to fix above 6/8, USDJPY is trading below it. In this case, the price is expected to continue falling to reach the closest support at 5/8. However, this scenario may no longer be valid if the price breaks 6/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 7/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 5/8, break it, and then continue falling towards the support at 4/8. Still, this scenario may no longer be valid if the price breaks 6/8 to the upside. After that, the instrument may correct to reach the resistance at 7/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards to reach 4/8 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.