Murrey Math Lines 28.10.2020 (USDJPY, USDCAD)

USDJPY, “US Dollar vs. Japanese Yen”

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 break 3/8 and then continue falling towards the support at 2/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may continue growing to reach the resistance at 4/8.

As we can see in the M15 chart, the pair has broken 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 pair is no longer trading within the “oversold area” and that may lead to a trend reversal. In this case, the asset is expected to continue growing towards the resistance at 2/8. Still, this scenario may no longer be valid if the price breaks 0/8 to the downside. After that, the instrument may continue moving downwards to reach the support at the -1/8.

As we can see in the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.