USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are under the 200-day Moving Average which indicates a downtrend. The RSI is nearing the overbought area. As a result, a bounce off 4/8 (131.25) is expected, followed by falling to the support level of 2/8 (128.12). The scenario can be cancelled by rising over the resistance level of 4/8 (131.25). In this case, the pair will continue correcting and might reach 5/8 (132.81).
On M15, the lower line of VoltyChannel is too far away from the current price, so falling can only be initiated by a bounce off 4/8 (131.25) on H4.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are also under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI has broken through the support level. As a result, we expect a downward breakaway of 3/8 (1.3366) and falling to the support level of 2/8 (1.3305). The scenario can be cancelled by rising over the resistance level of 5/8 (1.3488), which might lead to a trend reversal and growth to 6/8 (1.3549).
On M15, a breakaway of the lower line of VoltyChannel will increase the probability of further price falling.
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.
- PBoC launches new stimulus for the economy. Silver hits two-month high Oct 18, 2024
- USDJPY Adjusts Amid Mixed Signals from Japan’s Economic Data Oct 18, 2024
- Week Ahead: Tesla kicks off Big Tech earnings Oct 18, 2024
- A strong Australian labor market report reinforced the RBA’s hawkish stance. Banks in Thailand and the Philippines cut interest rates Oct 17, 2024
- Inflationary pressures continue to ease in the UK and New Zealand Oct 16, 2024
- EUR/USD Continues Downward Amid Economic Uncertainties Oct 16, 2024
- India is experiencing a surge in inflation. US stock indices are once again updating historical highs. Oct 15, 2024
- Brent: Slumps on easing Middle East fears Oct 15, 2024
- USD/JPY Faces Resistance Amid Geopolitical and Economic Uncertainties Oct 15, 2024
- COT Metals Charts: Speculator Bets led by Steel & Palladium Oct 12, 2024
