Murrey Math Lines 13.03.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI is testing the resistance level. In this situation, the price is expected to rebound from the 5/8 (147.65) level and decline to the support at 3/8 (146.09). The scenario could be cancelled by rising above the 5/8 (147.65) level. In this case, the quotes might reach the resistance at 6/8 (148.43).
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 a downtrend. The RSI is testing the resistance level. In this situation, the price is expected to break the 6/8 (1.3488) level and fall to the support at 4/8 (1.3427). The scenario could be cancelled by surpassing the 7/8 (1.3519) level. In this case, the pair might climb to the resistance at 8/8 (1.3549).
On M15, a breakout of the lower boundary of the VoltyChannel will increase the probability of a further price decline.
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.