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Murrey Math Lines 23.03.2022 (USDJPY, USDCAD)

23.03.2022

USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, USDJPY is trading above the 200-day Moving Average, thus indicating a possible ascending tendency. In this case, the price is expected to continue growing and reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks the support at 6/8 to the downside. After that, the instrument may correct down to 5/8.

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 pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth.

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 below the 200-day Moving Average to indicate a possible descending tendency. In this case, the price is expected to break 2/8 and then continue falling towards the support at 1/8. Still, this scenario may no longer be valid if the price breaks the resistance at 3/8 to the upside. After that, the instrument may reverse and move upwards 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 downside line of the VoltyChannel indicator and, as a result, 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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