Murrey Math Lines 21.04.2021 (USDJPY, USDCAD)

Article By RoboForex.com

USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, after breaking the 200-day Moving Average, USDJPY is trading below it, thus indicating a descending tendency. In this case, the price is expected to test 2/8, rebound from it, and then resume falling to reach the support at 1/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may continue growing towards the resistance at 4/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue the descending tendency.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, USDCAD is trading above the 200-day Moving Average. In this case, the price is expected to test 7/8, rebound from it, and then resume the ascending tendency to reach the resistance at 8/8. Still, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may reverse and fall towards the support at 5/8.

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 trading upwards to reach 8/8 from the H4 chart.

Article By RoboForex.com

Attention!
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.