Murrey Math Lines 05.06.2024 (USDJPY, USDCAD)

05.06.2024

USDJPY, “US Dollar vs Japanese Yen”

USDJPY quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI is testing the support line. In this situation, the price is expected to surpass the 6/8 (156.25) level and rise to the resistance at 7/8 (159.37). A breakout below the 5/8 (153.12) support level could cancel this scenario, leading to a potential decline to 4/8 (150.00).

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the price rise might be additionally supported by a breakout of the VoltyChannel upper line.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI has rebounded from the support line. In this situation, the price is expected to rise further to the nearest resistance at +1/8 (1.3793). A breakout below the 7/8 (1.3549) level could cancel this scenario, leading to a potential decline to the 6/8 (1.3427) support level.

USDCAD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the upper line of the VoltyChannel is broken, which increases the probability of price growth.

USDCAD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.