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 break 6/8 and then continue growing and reach the resistance at 7/8. However, 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 down to 4/8.
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 continue trading upwards only after breaking 6/8 in the H4 chart.
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 continue falling towards the support at -1/8. Still, this scenario may no longer be valid if the price breaks the resistance at 1/8 to the upside. After that, the instrument may reverse and move upwards to reach 3/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
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.