Murrey Math Lines 13.10.2021 (USDJPY, USDCAD)

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USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is trading within the “overbought area”. In this case, the price is expected to break +1/8 and continue falling to reach the support at 8/8. However, this scenario may no longer be valid if the price breaks +2/8 to the upside. After that, the lines in the chart will be redrawn, thus helping us to define new upside targets.

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

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, USDCAD is trading close to the “oversold area”. In this case, the price is expected to rebound from 0/8 and then resume growing towards the resistance at 2/8. Still, this scenario may no longer be valid if the price breaks 0/8 to the downside. After that, the instrument may continue trading downwards to reach the support at -1/8.

As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the ascending tendency only after rebounding from 0/8 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.