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 1/8, rebound from it, and then resume falling to reach the support at 8/8. 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 continue moving towards 2/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is also moving inside the “overbought area”; it has already rebounded from the resistance at 1/8. In this case, the price may break 8/8 and then continue falling towards the support at 7/8. On the other hand, this scenario may no longer be valid if the pair breaks the resistance at 1/8 to the upside. After that, the instrument may reverse and move upwards to reach 2/8.
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.