Murrey Math Lines 06.11.2019 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is trading above 7/8. In this case, the price is expected to continue growing to reach the “overbought area” and the resistance at +1/8. However, this scenario may no longer be valid if the price breaks 7/8 to the downside. After that, the instrument may start a new decline towards the support at 5/8.
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.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is consolidating. In this case, the pair is expected to break 4/8 and then continue growing to reach the resistance at 5/8. However, this scenario may no longer be valid if the price breaks the support at 3/8. After that, the instrument may continue falling towards 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 moving 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.