Murrey math lines: USD/JPY, USD/CAD
|USD/JPY, “US Dollar vs Japanese Yen”
USD/JPY quotes remain in the overbought area on H4. The RSI is approaching the resistance line. In this situation, a test of +1/8 (150.78) is expected, followed by a rebound from this level and a price decline to the support at 7/8 (149.21). The scenario could be cancelled by rising above +1/8 (150.78), in which case the quotes might reach the resistance level of +2/8 (151.56).
On M15, the lower boundary of the VoltyChannel is too far from the current price, so the price decline could only be supported by a rebound from +1/8 (150.78) on H4.
USD/CAD, “US Dollar vs Canadian Dollar”
The USD/CAD pair has reached the overbought area on H4. In this situation, a rebound from the 8/8 (1.3549) is expected, followed by a price decline to the support at 5/8 (1.3458). The scenario could be cancelled by rising above 8/8 (1.3549), in which case, the quotes might reach the resistance at +2/8 (1.3610).
On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline could only be supported by a rebound from the 8/8 (1.3549) level on H4.
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