Murrey Math Lines 29.06.2022 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to continue growing and reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks the support at 7/8 to the downside. After that, the instrument may correct down to 5/8.
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 trading upwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is also trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to test 2/8, break it, and then continue growing towards the resistance at 3/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at 1/8 to the downside. After that, the instrument may reverse and fall towards 0/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator again and, as a result, continue its 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.