Murrey Math Lines 23.10.2019 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading above 5/8. In this case, the price is expected to break 6/8 and then continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 5/8. After that, the instrument may start a new decline towards the support at 3/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is trading inside the “oversold area”. In this case, the pair is expected to break -1/8 and then continue growing to reach the resistance at 1/8. However, this scenario may no longer be valid if the price breaks -2/8. After that, the line at the chart will be redrawn, thus indicating new downside targets.
In the M15 chart, the pair is breaking the upside line of the VoltyChannel indicator and, as a result, may continue growing.
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.