Murrey Math Lines 17.03.2021 (USDJPY, USDCAD)

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USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is still moving pretty close to the “overbought area”. In this case, the price is expected to rebound from 8/8 and then resume falling towards the support at 6/8. However, this scenario may no longer be valid if the price breaks the resistance at 8/8 to the upside. After that, the instrument may continue trading upwards to reach +1/8.

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

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is moving inside the “oversold area”. In this case, the price is expected to break 0/8 and then correct to the upside within the downtrend to reach the resistance at 2/8. Still, this scenario may no longer be valid if the price breaks -1/8 to the downside. After that, the instrument may continue falling towards the support at -2/8.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator again and, as a result, continue trading upwards to reach 2/8 from the H4 chart.

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.