Murrey Math Lines 11.11.2020 (USDJPY, USDCAD)

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USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, after breaking 5/8, USDJPY is moving above the 200-day Moving Average, thus indicating a possible ascending tendency. In this case, the price is expected to continue growing towards 105.85. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may continue falling to reach the support at 4/8.

As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue moving upwards.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is moving below the 200-day Moving Average but the asset rebounded from 0/8 several days ago. In this case, the pair is expected to correct towards 3/8. Still, this scenario may no longer be valid if the price breaks 1/8 to the downside. After that, the instrument may continue moving downwards to reach the support at 0/8.

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

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.