Murrey Math Lines 22.02.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are in the overbought area. The RSI has bounced off the resistance line. A downward beakaway of 8/8 (134.37) is expected, followed by falling to the support level of 6/8 (132.81). The scenario can be cancelled by rising above the resistance level of +1/8 (135.15). In this case, the pair may reach +2/8 (135.93).
On M15, a breakaway of the lower border of VoltyChannel should serve as an additional signal supporting the decline.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. However, the RSI has reached the overbought area. In the end, a bounce off 6/8 (1.3549) 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 6/8 (1.3549). This might make the price grow to 7/8 (1.3610).
On M15, the lower line of VoltyChannel is too far from the current price. Hence, falling can only be initiated by a bounce off 6/8 (1.3549) on H4.
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