Murrey Math Lines 11.07.2018 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading inside the “overbought zone”. If the price breaks the 8/8 level, it may resume falling to reach the 6/8 one.
In the H1 chart, the pair is consolidating between the 3/8 and 5/8 levels. Later, the price may break the 3/8 level and then continue trading downwards to reach the support at the 0/8 one.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is consolidating between the 3/8 and 5/8 levels. Right now, the price is expected to test the 4/8 level, rebound from it, and then resume falling towards the support at the 3/8 one.
In the H1 chart, the price may break the 0/8 level and then continue growing towards the resistance at the 3/8 one.
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.