Murrey Math Lines 08.02.2023 (USDJPY, USDCAD)

USDJPY, “US Dollar vs Japanese Yen”

On H4, the quotes are under the 200-day Moving Average, revealing prevalence of a downtrend. The RSI has broken through the support line. As a result, a bounce off 4/8 (131.25) is expected, followed by falling to the support level of 2/8 (128.12). The scenario can be cancelled by rising over the resistance level of 5/8 (132.81), which might lead to a trend reversal and growth to 6/8 (134.37).

USDJPY_H4

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower line of VoltyChannel is broken away. This indicates prevalence of a downtrend and a high probability of further price falling.

USDJPY_M15

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCAD, “US Dollar vs Canadian Dollar”

On H4, USDCAD quotes are also under the 200-day Moving Average, revealing prevalence of a downtrend. The RSI is testing the support level. A downward breakaway of 3/8 (1.3366) should be expected, followed by falling to the support level of 2/8 (1.3305). The scenario can be cancelled by rising over the resistance level of 4/8 (1.3427). This might lead to a trend reversal and make the pair grow to 6/8 (1.3549).

USDCAD_H4

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower line of VoltyChannel is broken away, which increases the probability of further price falling.

USDCAD_M15

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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Source: RoboForex


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