Murrey Math Lines 06.12.2023 (USDJPY, USDCAD)

USDJPY, "US Dollar vs Japanese Yen"

The USDJPY quotes have broken the 0/8 (146.87) level on H4, exiting the oversold area. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 1/8 (147.65) and reach the resistance at 2/8 (148.43). The scenario could be cancelled by a downward breakout of the 0/8 (146.87) level. In this case, the quotes could drop to the support at -1/8 (146.09).

On M15, the price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.

USDCAD, "US Dollar vs Canadian Dollar"

The USDCAD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a downward breakout of 2/8 (1.3549) is expected, followed by a price decline to the support at 1/8 (1.3488). The scenario could be cancelled by rising above 3/8 (1.3610). In this case, the pair might rise to the resistance at 4/8 (1.3671).

On M15, a breakout of the lower VoltyChannel boundary might increase the probability of a price decline.