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Murrey Math Lines 06.01.2022 (USDJPY, USDCAD)

06.01.2022

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is trading within the “overbought area”. In this case, the price is expected to test 8/8, break it, and correct downwards to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks 1/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 2/8.

Murrey Math Lines 06.01.2022 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 falling.

Murrey Math Lines 06.01.2022 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 the 200-day Moving Average, USDCAD is trading above it, thus indicating an ascending tendency. In this case, the price is expected to test 6/8, break it, and continue growing towards the resistance at 8/8. Still, this scenario may no longer be valid if the price breaks the support at 5/8 to the downside. After that, the instrument may correct downwards to reach 3/8.

Murrey Math Lines 06.01.2022 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 upside line of the VoltyChannel indicator and, as a result, may continue trading upwards.

Murrey Math Lines 06.01.2022 USDCAD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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