Murrey Math Lines 31.01.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, a test of 7/8 (148.43) is expected, followed by a breakout of this level and a rise to the resistance at 8/8 (150.00). The scenario could be cancelled by a downward breakout of the support at 6/8 (146.87). In this case, the pair cold drop to the 5/8 (146.09) level.
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”
USDCAD quotes have broken the 200-day Moving Average on H4 and currently rest below it, which indicates the possibility of a downtrend development. The RSI has rebounded from the resistance line. In this situation, a rebound from 4/8 (1.3427) is expected, followed by a price decline to the support at 2/8 (1.3305). The scenario could be cancelled be rising above the 4/8 (1.3427) level, in which case the pair might rise to the resistance level of 5/8 (1.3488).
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of the 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.