Murrey Math Lines 07.02.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are above the 200-day Moving Average on H4, which reveals the prevalence of an uptrend. The RSI is testing the support line. In this situation, the quotes are expected to rise above 7/8 (148.43), subsequently reaching the resistance level at 8/8 (150.00). The scenario could be cancelled by a downward breakout of the support at 6/8 (146.87), which might lead to a trend reversal and a decline to the 5/8 (146.09) level.
On M15, the price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are above the 200-day Moving Average on H4, which reveals the prevalence of an uptrend. The RSI is testing the support line. In this situation, the price is expected to rise above the 5/8 (1.3488) level, subsequently reaching the resistance at 7/8 (1.3610). The scenario could be cancelled by a downward breakout of the 4/8 (1.3427) level. In this case, the pair might drop to the support at 3/8 (1.3366).
On M15, a breakout of the upper boundary of the VoltyChannel might increase the probability of a 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.