USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is consolidating. In this case, the price is expected to break 5/8 and then continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price rebounds from 5/8 to the downside. After that, the instrument may start a new decline towards the support at 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 trading upwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, there has been a false breakout of 5/8. In this case, the pair may fall to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8 again. After that, the instrument may continue growing towards the resistance at 6/8.
In the M15 chart, we can see that the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards to reach 3/8 from the H4 chart.
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.