Murrey Math Lines 03.04.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are in the overbought area on D1. The RSI is testing the resistance line. In this situation, the price is expected to rebound from the +1/8 (151.56) level and decline to the support at 7/8 (148.43). The scenario could be cancelled by surpassing the +1/8 (151.56) level. In this case, the pair might continue to rise, with the quotes reaching the resistance at +2/8 (153.12).
On M15, the decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are above the 200-day Moving Average on D1, which suggests a prevailing uptrend. The RSI is testing the support line. In this situation, the price is expected to maintain its upward trajectory towards 8/8 (1.3671). The scenario could be cancelled by a breakout of the support 7/8 (1.3549) level. In this case, the pair might decline to the 6/8 (1.3427) level.
On M15, the upper boundary of the VoltyChannel is broken, which increases the probability of a further price rise.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.