Murrey Math Lines 20.03.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes and the RSI are in the overbought areas on H4. In this situation, the price is expected to rebound from the +2/8 (151.56) level and decline to the support at 7/8 (149.21). The scenario could be cancelled by rising above +2/8 (151.56), which might reshuffle the Murrey indication, setting new price growth targets.
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 have broken below the 200-day Moving Average on H4, which suggests the potential development of an uptrend. The RSI has rebounded from the support level. In this situation, the price is expected to surpass the 7/8 (1.3610) level and rise to the resistance at 8/8 (1.3671). The scenario could be cancelled by a breakout of the 6/8 (1.3549) level. In this case, the pair might retrace to the support at 5/8 (1.3488).
On M15, the upper boundary of the VoltyChannel is broken, which increases the probability of further price growth.
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.