Murrey Math Lines 04.05.2023 (USDJPY, USDCAD)

By RoboForex.com

USDJPY, “US Dollar vs Japanese Yen”

On H4, the quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. The RSI has reached the oversold area. In this situation, a rebound from 6/8 (134.37) is expected, followed by growth to the resistance at 7/8 (135.93). The scenario can be cancelled by a downward breakout of the support at 6/8 (134.37), which could lead to a trend reversal and fall to the level of 4/8 (131.25).

On M15, the upper line of the VoltyChannel indicator is too far away from the current price, which means growth can only be triggered by a rebound from 6/8 (134.37) on H4.

USDCAD, “US Dollar vs Canadian Dollar”

On H4, the quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend. The RSI is testing the support line. In these circumstances, a test of 7/8 (1.3549) is expected, followed by a rebound from it and growth to the resistance at +1/8 (1.3793). The scenario can be cancelled by a downward breakout of 7/8 (1.3549), which could lead to a trend reversal and a decline to the support at 6/8 (1.3427).

On M15, after the test of 7/8 (1.3549), further growth of the pair will most probably be confirmed by a breakout of the upper border of VoltyChannel.

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.