Murrey Math Lines 27.09.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI is approaching the overbought area. In these circumstances, the quotes are expected to test the 8/8 (150.00) level, rebound from it, and drop to the support at 7/8 (148.43). The scenario can be cancelled by a downward breakout of the 7/8 (148.43) level. In this case, the quotes could drop to the support level at 6/8 (146.87).
On M15, following a test of the 8/8 (150.00) level, the price decline could be additionally supported by a breakout of the lower line of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes have broken the 200-day Moving Average on H4 and are now above it, which indicates a potential uptrend. The RSI has surpassed the resistance line. In this situation, the price is expected to test the 6/8 (1.3549) level, break it, and rise to the resistance at 7/8 (1.3610). The scenario can be cancelled by a breakout of the support at 5/8 (1.3488). In this case, the pair could decline to 4/8 (1.3427).
On M15, the upper line of the VoltyChannel is broken, which increases the probability of a further price rise.
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.