Murrey Math Lines 20.12.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are below the 200-day Moving Average on H4, which reveals the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a test of 3/8 (142.18) is expected, followed by a breakout from it and a decline to the support at 2/8 (140.62). The scenario could be cancelled by rising above 4/8 (143.75). In this situation, the quotes might grow to the resistance at 5/8 (146.09).
On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of the price decline.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are below the 200-day Moving Average, which implies the prevalence of a downtrend. However, the RSI has formed a convergence, signaling a possible price rise. In the end, in these circumstances, a test of the 6/8 (1.3427) level is expected, followed by a breakout of this mark and a price growth to the resistance at 7/8 (1.3549). The scenario could be cancelled by a downward breakout of 5/8 (1.3305), in which case the quotes might drop to the support at 4/8 (1.3183).
On M15, the price rise could be additionally supported by a breakout of the upper 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.