Murrey Math Lines 01.03.2023 (USDJPY, USDCAD)

USDJPY, “US Dollar vs Japanese Yen”

On H4, the quotes are nearing the overbought area. The RSI is returning to the resistance line. As a result, a test of 8/8 (137.50) should be expected, followed by a bounce off it and falling to the support level of 6/8 (134.37). The scenario can be cancelled by rising above the resistance level of 8/8 (137.50), in which case the pair might grow to +1/8 (139.06).

On M15, after the price tests 8/8 (137.50) on H4, further falling should be indicated by a breakaway of the lower border of VoltyChannel.

USDCAD, “US Dollar vs Canadian Dollar”

On H4, the quotes have bounced off the resistance level of 8/8 (1.3671), which possibly means a correction. The RSI has also bounced off 70, which is the lower border of the overbought area. As a result, a downward breakaway of 7/8 (1.3610) should be expected, followed by falling to the support level of 5/8 (1.3488). The scenario can be cancelled by an upward breakaway of the resistance level of 8/8 (1.3671). This might provoke growth to +1/8 (1.3732).

On M15, the decline can be additionally supported by a breakaway of the lower border of VoltyChannel.