Analysis
Murrey Math Lines 26.04.2023 (USDJPY, USDCAD)
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, the price is expected to rise above 6/8 (134.37) …
USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, the price is expected to rise above 6/8 (134.37) and next reach the resistance at 7/8 (135.93). The scenario can be canceled by a downward breakout of the support at 5/8 (132.81), which could lead to a trend reversal and a decline to the level of 4/8 (131.25).
On M15, price growth can be additionally supported by a breakout of the upper line of the VoltyChannel indicator.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are nearing the level of 8/8 (1.3671), which is resistance to the price and the lower border of the overbought area. The RSI is in its own overbought area. In these circumstances, a test of 8/8 (1.34671) is expected, followed by a rebound from it and falling to the support at 7/8 (1.3549). The scenario can be canceled by an upwards breakout of 8/8 (1.3671). In this case, the pair could go on growing and reach the resistance at +1/8 (1.3793).
On M15, after a rebound from 8/8 (1.3671), further falling of the quotes can be additionally confirmed by a breakout of the lower border of VoltyChannel.
