Murrey Math Lines 28.02.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes remain in the overbought area on H4. The RSI is approaching the resistance line. In this situation, a test of +1/8 (150.78) is expected, followed by a rebound from this level and a price decline to the support at 7/8 (149.21). The scenario could be cancelled by rising above +1/8 (150.78), in which case the quotes might reach the resistance level of +2/8 (151.56).
On M15, the lower boundary of the VoltyChannel is too far from the current price, so the price decline could only be supported by a rebound from +1/8 (150.78) on H4.
USDCAD, “US Dollar vs Canadian Dollar”
The USDCAD pair has reached the overbought area on H4. In this situation, a rebound from the 8/8 (1.3549) is expected, followed by a price decline to the support at 5/8 (1.3458). The scenario could be cancelled by rising above 8/8 (1.3549), in which case, the quotes might reach the resistance at +2/8 (1.3610).
On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline could only be supported by a rebound from the 8/8 (1.3549) level on H4.
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.