USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after breaking 5/8, USDJPY is trading above it. In this case, the price is expected to continue growing to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may start a new decline towards the support at 3/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, there was a false breakout of 6/8. In this case, USDCAD may continue falling to reach the support 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 towards 7/8.
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 moving downwards to reach 5/8 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.