02 Feb

Murrey Math Lines 02.02.2022 (USDJPY, USDCAD)

February 2, 2022

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is trading above the 200-day Moving Average, thus indicating a possible ascending tendency. In this case, the price is expected to break 6/8 and then continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may reverse and fall towards the support at 4/8.

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

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USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after rebounding from the 200-day Moving Average, USDCAD is trading above it, thus indicating an ascending tendency. In this case, the price is expected to break 4/8 and then continue growing towards the resistance at 5/8. Still, this scenario may no longer be valid if the price breaks the support at 3/8 to the downside. After that, the instrument may reverse and move downwards to reach 2/8.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards to reach 5/8 in the H4 chart.

Article By RoboForex.com

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Murrey Math Lines 02.02.2022 (USDJPY, USDCAD)