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Murrey Math Lines 16.03.2022 (USDJPY, USDCAD)

16.03.2022

USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, USDJPY is approaching the “overbought area”. In this case, the price is expected to test 8/8, rebound from it, and then resume falling to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks the resistance at 8/8 to the upside. After that, the instrument may reverse and grow towards 1/8.

USDJPYH4
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 downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may continue trading downwards only after rebounding from 8/8 in the H4 chart.

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 trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to rebound from 5/8 and then resume growing towards the resistance at 7/8. 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 reverse and move downwards to reach 4/8.

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 upside line of the VoltyChannel indicator and, as a result, continue trading upwards.

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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