Murrey Math Lines 16.09.2020 (USDJPY, USDCAD)

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USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, USDJPY is moving below the 200 Moving Average, thus indicating a descending tendency. In this case, the price is expected to continue falling towards the support at 0/8. However, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may continue growing to reach the resistance at 3/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, continue moving downwards to reach 0/8 from the H4 chart.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is also moving below the 200 Moving Average to indicate a descending tendency. In this case, the pair is expected to continue falling towards the downside border of the consolidation range at 3/8. However, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may continue moving upwards to reach the resistance at 5/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

Article By RoboForex.com

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