Murrey Math Lines 22.05.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY 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 surpass the 6/8 (156.25) level and rise further to the 8/8 (162.50) resistance level. The scenario could be cancelled by a breakout of the 5/8 (153.12) support level. In this case, the quotes could drop to 4/8 (150.00).
On M15, the price rise might be additionally supported by a breakout of the upper line of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes have breached the 8/8 (1.3671) level and exited the overbought area on D1. The RSI is testing the resistance line. In this situation, the price is expected to decline further to the 6/8 (1.3427) support level. The scenario could be cancelled by rising above 8/8 (1.3671). In this case, the quotes might reach the +1/8 (1.3793) resistance level.
On M15, a breakout of the VoltyChannel lower line will 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.