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Murrey Math Lines 08.12.2021 (USDJPY, USDCAD)

08.12.2021

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after breaking the 200-day Moving Average again, USDJPY is trading below it, thus indicating a descending tendency. In this case, the price is expected to test 2/8, break it, and continue falling to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 5/8.

USDJPYH4
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 falling.

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, after breaking 8/8, USDCAD is no longer trading within the “overbought area”. In this case, the price is expected to break 7/8 and continue falling towards the support at 6/8. Still, this scenario may no longer be valid if the price breaks the resistance at 8/8 to the upside. After that, the instrument may grow to reach 1/8.

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 has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.

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

Attention!

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.


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