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.
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.