Murrey Math Lines 07.12.2022 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are under the 200-day Moving Average, which indicates the prevalence of a downtrend. The RSI is testing the resistance line. A bounce off 4/8 (137.50) should be expected, followed by falling to the support level of 3/8 (134.37). The scenario can be cancelled by rising over the resistance of 4/8 (137.50), in which case the pair may rise to 5/8 (140.62).
On M15, a breakaway of the lower line of VoltyChannel will increase the probability of price falling.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes have reached the overbought area, and the RSI is above 70, which means it is also overbought. In the end, a bounce off 8/8 (1.3671) should be expected, followed by falling to the support level of 7/8 (1.3549). The scenario can be cancelled by rising over the resistance level of 8/8 (1.3671). In this case, the pair may continue going upwards and reach +1/8 (1.3793).
On M15, an additional signal confirming the decline will be a breakaway of the lower border of VoltyChannel.
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.