USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading below the 3/8 level and may continue falling to reach the support at the 1/8 one. However, this scenario may be no longer valid if the price breaks the 3/8 level. In this case, the instrument may resume trading upwards to reach the resistance at the 5/8 one.
In the H1 chart, the pair is trading close to the “oversold zone”. In addition to that, there is Head & Shoulders reversal pattern with the neckline at the 1/8 level. As a result, the price may move upwards in case it breaks the above-mentioned level. The first upside target will be the resistance at the 3/8 level. However, this scenario will no longer be valid if the instrument breaks the 0/8 level. In this case, the instrument may continue falling to reach the -2/8 level.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD tested the resistance at the 8/8 level and rebounded from it, just as expected. The downside target is the support at the 0/8 level; the price is quickly falling to reach it. Right now, the pair is trading below the 3/8 level, thus confirming this scenario. However, when the instrument falls very quickly, there is always a possibility of a correction. This correction may start if the pair breaks the 3/8 level. In this case, the upside correctional target will be the resistance at the 4/8 one.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.