USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the descending tendency continues. Right now, USDJPY is trading below 3/8. In this case, the price is expected to rebound from this level and resume falling to reach the support at 1/8. However, this scenario may be no longer valid if the price breaks 3/8. After that, the instrument may resume trading upwards to reach the resistance at 5/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is trading according to the forecast. Some time ago, the pair stopped at 1/8, which means that it may start a new correction towards 3/8. To confirm this scenario, the price must break the resistance at 2/8. However, as long as the instrument is trading below this level, the “decline” scenario is more probable. In this case, the target will be the support at 0/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving 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.