Murrey Math Lines 06.03.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes remain in the overbought area on H4. The RSI has broken the support line. In this situation, the pair is expected to break the 8/8 (150.00) line, subsequently falling to the support at 6/8 (148.43). The scenario could be cancelled by rising above +1/8 (150.78), in which case the quotes might reach the resistance at +2/8 (151.56).
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of the price decline.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are in the overbought area on H4, and the RSI has formed a divergence. In this situation, a breakout of +1/8 (1.3580) is expected, followed by a price decline to the support at 7/8 (1.3519). The scenario might be cancelled by rising above +2/8 (1.3610), which could reshuffle the Murrey indication, setting new price targets.
On M15, the decline could be additionally supported by a breakout of the lower boundary of the 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.