05 Oct

Murrey Math Lines 05.10.2022 (USDJPY, USDCAD)

October 5, 2022

USDJPY, “US Dollar vs Japanese Yen”

In the H4 chart, USDJPY is trading within the “overbought area”. The Relative Strength Index is slowly moving towards 30. In this case, the pair is expected to break 8/8 (143.75) and then continue falling to reach the support at 7/8 (142.18). However, this scenario may be cancelled if the price breaks the resistance +1/8 (145.31) to the upside. After that, the instrument may grow towards +2/8 (146.87).

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 its decline.

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USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, USDCAD is still correcting within the uptrend. The Relative Strength Index is approachi9ng 30, but may yet fall a bit. In this case, the price is expected to test 6/8 (1.3427), break it, and then continue moving downwards to reach the support at 5/8 (1.3305). However, this scenario may no longer be valid if the price breaks the resistance at 7/8 (1.3549) to the upside. After that, the instrument may resume growing towards +1/8 (1.3793).

As we can see in the M15 chart, the pair may has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards to reach 5/8 (1.3305) from the H4 chart.

Article By RoboForex.com

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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.

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Murrey Math Lines 05.10.2022 (USDJPY, USDCAD)