Murrey Math Lines 21.02.2024 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are in the overbought area on H4. The RSI has rebounded from the resistance line. In this situation, a breakout of 8/8 (150.00) is expected, followed by a decline to the support at 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 lower boundary of the VoltyChannel is broken. This increases the probability of the price decline.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI has broken the resistance line. In this situation, the pair is expected to rise above 6/8 (1.3549), later reaching the resistance at 7/8 (1.3610). The scenario could be cancelled by a breakout of 5/8 (1.3488), in which case the pair might drop to the support at 4/8 (1.3427).
On M15, the upper boundary of the VoltyChannel is broken. This indicates the prevalence of an uptrend and increases the probability of a further price rise.
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.