Murrey Math Lines 02.02.2022 (USDJPY, USDCAD)

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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.

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

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.