Analysis
Murrey Math Lines 01.03.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are nearing the overbought area. The RSI is returning to the resistance line. As a result, a test of 8/8 (137.50) should be expected, followed by a bounce off it and falling to the su…
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are nearing the overbought area. The RSI is returning to the resistance line. As a result, a test of 8/8 (137.50) should be expected, followed by a bounce off it and falling to the support level of 6/8 (134.37). The scenario can be cancelled by rising above the resistance level of 8/8 (137.50), in which case the pair might grow to +1/8 (139.06).
On M15, after the price tests 8/8 (137.50) on H4, further falling should be indicated by a breakaway of the lower border of VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes have bounced off the resistance level of 8/8 (1.3671), which possibly means a correction. The RSI has also bounced off 70, which is the lower border of the overbought area. As a result, a downward breakaway of 7/8 (1.3610) should be expected, followed by falling to the support level of 5/8 (1.3488). The scenario can be cancelled by an upward breakaway of the resistance level of 8/8 (1.3671). This might provoke growth to +1/8 (1.3732).
On M15, the decline can be additionally supported by a breakaway of the lower border of VoltyChannel.
