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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.

Murrey Math Lines 28.10.2020  USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

Murrey Math Lines 28.10.2020 USDJPY_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

Murrey Math Lines 28.10.2020 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

Murrey Math Lines 28.10.2020 USDCAD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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