Murrey Math Lines 15.06.2023 (USDJPY, USDCAD)

By RoboForex.com
USDJPY, “US Dollar vs Japanese Yen”

On H4, the quotes are above the 200-day Moving Average, indicating the prevalence of an uptrend. However, the RSI is nearing the overbought area. As a result, in these circumstances a test of 7/8 (142.18) is expected, followed by a rebound from this level and a decline to the support at 5/8 (139.06). The scenario can be cancelled by rising above the resistance at 7/8 (142.18). In this case, the pair might continue growing, and the quotes might reach 8/8 (143.75).

On M15, an additional signal confirming the decline after a rebound from 7/8 (142.18), might be a breakout of the lower border of the VoltyChannel.

USDCAD, “US Dollar vs Canadian Dollar”

On H4, the quotes are under the 200-day Moving Average, indicating the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a downward breakout of 2/8 (1.3305) is expected, followed by a decline to the support at 0/8 (1.3183). The scenario can be cancelled by rising above the resistance at 3/8 (1.3366). In this case, the pair could correct to 4/8 (1.3427).

On M15, a breakout of the lower line of the VoltyChannel might increase the probability of a decline.

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.