Murrey Math Lines 29.09.2021 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to test 6/8, break it, and then continue growing to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks the support at 5/8 to the downside. After that, the instrument may continue falling towards 3/8.
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 its growth.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is consolidating between 3/8 and 5/8. In this case, the price is expected to break 4/8 and continue growing towards the resistance at 5/8. Still, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may reverse and trade downwards to reach the support at 2/8.
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.
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.