Analysis
Murrey Math Lines 16.08.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. However, the RSI is in the overbought area, which could be a sign of a probable correction. In th…
USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. However, the RSI is in the overbought area, which could be a sign of a probable correction. In this situation, a downward breakout of 5/8 (145.31) is expected, followed by a decline to the support at 4/8 (143.75). The scenario can be cancelled by rising above the resistance at 6/8 (146.87). In this case, the quotes could continue growing and reach 7/8 (148.43).
On M15, a further decline of the price might be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI has crossed the resistance line. In these circumstances, a test of 6/8 (1.3549) is expected, followed by its breakout and a rise to the resistance at 7/8 (1.3610). The scenario can be cancelled by a downward breakout of the support at 5/8 (1.3488), in which case the pair might return to 3/8 (1.3367).
On M15, the upper line of the VoltyChannel is broken. This increases the probability of a further price rise.
