USDJPY, “US Dollar vs. Japanese Yen”
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 then continue falling to reach the support at 7/8. However, this scenario may no longer be valid if the price breaks the resistance at 1/8 to the upside. After that, the instrument may grow towards 2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is moving close to the “overbought area” at the 200-day Moving Average, so it’s difficult to determine any particular tendency right now. The chart shows that the asset was moving inside this area not long time ago; however, then it broke 8/8 and reached the support at 6/8. At the moment, there is a possibility that this scenario may repeat but from the current levels. Still, to confirm this idea, the [price must break 7/8 first. On the other hand, this scenario may no longer be valid if the pair breaks the resistance at 8/8 to the upside. After that, the instrument may reverse and move upwards to reach 1/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
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.