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 break 8/8 and then fall 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.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue falling.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break the resistance at 5/8 and continue growing towards 7/8. Still, this scenario may no longer be valid if the price breaks the support at 4/8 to the downside. After that, the instrument may reverse and move downwards to reach 2/8.
As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading upwards only after breaking 5/8 in the H4 chart.
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.