Murrey Math Lines 09.08.2023 (USDJPY, USDCAD)

USDJPY, “US Dollar vs Japanese Yen”

USDJPY quotes are nearing the overbought area. The RSI is approaching the resistance line. In these circumstances, the quotes are expected to test the 8/8 (143.75) level, rebound from it and drop to the support at 6/8 (142.18). The scenario can be cancelled by an upward breakout of the resistance at 8/8 (143.75). In this case, the pair could continue to rise, with the quotes reaching +1/8 (144.53).

On M15, after the price tests the 8/8 (143.75) level on H4, the price drop might be additionally supported by a breakout of the lower boundary of the VoltyChannel.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD quotes are above the 200-day Moving Average on H4, which indicates a prevailing uptrend. But the RSI has formed a divergence. In this situation, the quotes are expected to test the 3/8 (1.3367) level, break it and fall to 2/8 (1.3305). The scenario can be cancelled by a breakout of the resistance level at 4/8 (1.3427). In this case, the pair could return to 5/8 (1.3488).

On M15, a breakout of the lower line of the VoltyChannel will increase the probability of a price decline.