Murrey Math Lines 20.07.2022 (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 the support at 8/8 and continue falling and reach 6/8. However, this scenario may no longer be valid if the price breaks the resistance at +1/8 to the upside. After that, the instrument may reverse and grow towards +2/8.

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

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, after breaking the 200-day Moving Average, USDCAD is also trading below it, thus indicating a possible descending tendency. In this case, the price is expected to test 1/8, break it, and then continue falling towards the support at 0/8. On the other hand, this scenario may no longer be valid if the pair breaks the resistance at 2/8 to the upside. After that, the instrument may reverse and grow to reach 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 trading downwards.

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.