Murrey Math Lines 14.10.2020 (USDJPY, USDCAD)

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is moving below the 200-day Moving Average, thus indicating a possible descending tendency. In this case, the price is expected to continue falling towards the target at 5/8. However, this scenario may no longer be valid if the price breaks 6/8 to the upside. After that, the instrument may continue growing to reach the resistance at 7/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart of USDCAD, the situation is quite similar as the asset is also moving below the 200-day Moving Average to indicate a descending tendency. However, the asset hasn’t been to break 3/8 and continue falling. In this case, the pair is expected to correct upwards to reach the resistance at 4/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may continue moving downwards to reach the support at 2/8.

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 trading upwards to reach 4/8 from the H4 chart.