Murrey Math Lines 14.02.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
The USDJPY pair and the RSI on H4 are in their respective overbought areas. In this situation, a test of 8/8 (150.00) is expected, followed by a breakout of the level and a price decline to 7/8 (148.43). The scenario could be cancelled by rising above +1/8 (151.56). In this case, the quotes might reach the resistance at +2/8 (153.12).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. However, the RSI has reached the overbought area. As a result, in this situation, a breakout of 6/8 (1.3549) is expected, followed by a price decline to the support at 4/8 (1.3427). The scenario might be cancelled by rising above the 7/8 (1.3610) level. In this case, the pair could rise to the resistance at 8/8 (1.3671).
On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of the 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.