Murrey Math Lines 06.10.2021 (USDJPY, USDCAD)

USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, USDJPY is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 6/8 and continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks the support at 5/8 to the downside. After that, the instrument may reverse and fall towards 3/8.

As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, after breaking the 200-day Moving Average, USDCAD is trading below it, thus indicating a descending tendency. In this case, the price is expected to test 3/8, rebound from it, and then resume falling towards the support at 1/8. Still, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may reverse and trade upwards to reach the resistance at 4/8.

As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the descending tendency only after rebounding from 3/8 from the H4 chart.