In the H4 chart, after breaking 3/8, USDJPY is trading below the consolidation range. In this case, the price is expected to test 2/8, break it, and then continue falling to reach the support at 1/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may grow towards the resistance at 4/8.
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 the descending tendency.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to rebound from 3/8 and then resume falling towards the closest support at 2/8. Still, 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.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
