Murrey Math Lines 17.05.2023 (USDJPY, USDCAD)

USDJPY, “US Dollar vs Japanese Yen”

The quotes on H4 and the RSI are nearing the overbought area. A test of 8/8 (137.50) is expected, followed by a rebound from it and a decline to the support at 6/8 (135.93). The scenario can be cancelled by rising above the resistance level of 8/8 (137.50). In this case, the pair could continue growing and reach the level of +2/8 (139.06).

On M15, the lower line of the VoltyChannel is too far away from the current price, which is why the decline in the quotes can be indicated by a rebound from 8/8 (137.50) on H4.

USDCAD, “US Dollar vs Canadian Dollar”

On H4, the quotes are under the 200-day Moving Average, indicating the prevalence of a downtrend. The RSI has broken the support line. A rebound from 5/8 (1.3488) is expected, followed by a decline to the support at 3/8 (1.3366). The scenario can be cancelled by rising above the resistance at 5/8 (1.3488), which might lead to a trend reversal and growth to the level of 7/8 (1.3610).

On M15, the lower line of the VoltyChannel is broken. This confirms the presence of a downtrend and increases the probability of a further decline.