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Murrey Math Lines 27.01.2021 (USDJPY, USDCAD)

27.01.2021

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is moving below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price expected to try to break 1/8 and then continue falling towards the support at 0/8. However, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may continue growing to reach the resistance at 3/8.

Murrey Math Lines 27.01.2021 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.

Murrey Math Lines 27.01.2021 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”

As we can see in the H4 chart, USDCAD is still moving below the 200-day Moving Average, thus indicating a descending tendency. However, the asset is moving very close to the “oversold area”, that’s why as soon as the price falls below 0/8, bulls revive and start pushing it towards the 200-day Moving Average again. And It has been happening for 20 consecutive trading sessions. Today, the pair is expected to break 0/8 again and re-enter the “oversold area” to continue its decline towards the support at -1/8. It remains to be seen whether the instrument recovers or not this time. Still, this scenario may no longer be valid if the price breaks 1/8 to the upside. After that, the instrument may reverse and correct to reach the resistance at 2/8.

Murrey Math Lines 27.01.2021 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

Murrey Math Lines 27.01.2021 USDCAD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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