Murrey Math Lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USD/JPY is moving above 5/8. In this case, the price is expected to break 6/8 and then continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may start a new decline towards the support at 3/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
USD/CAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USD/CAD has broken 5/8 and is no longer consolidating. In this case, the pair is expected to continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks the support at 5/8. After that, the instrument may continue falling towards 3/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue moving upwards.
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