Murrey Math Lines 14.12.2022 (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 has broken through the support line downwards. A test of 3/8 (134.37) is expected, followed by a breakaway and falling to the support level of 2/8 (131.25). The scenario can be cancelled by rising over the resistance level of 4/8 (137.50). In this case, the pair may rise to 5/8 (140.62).
On M15, the lower line of VoltyChannel is broken away. This indicates prevalence of a downtrend and a high probability of further price falling.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes have bounced off the 200-day Moving Average and are now above it, which indicates prevalence of an uptrend and an end to the correctional movement. The RSI have bounced off the support level. All in all, growth to 8/8 (1.3671) is expected. The scenario can be cancelled by a downward breakaway of the support level of 7/8 (1.3549), which might lead to a trend reversal and falling to 6/8 (1.3427).
On M15, a breakaway of the upper border of VoltyChannel will signal further growth of the price.
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.