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Murrey Math Lines 08.06.2022 (USDJPY, USDCAD)

USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, USDJPY is trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to continue growing to reach the resistance at 6/8. 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 reverse and correct down to 4/8.

Murrey Math Lines 08.06.2022 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 trading upwards.

Murrey Math Lines 08.06.2022 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 still trading inside the “oversold area”. In this case, the price is expected to test -1/8, break it, and then continue growing towards the resistance at 0/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at -2/8 to the downside. After that, the lines in the chart will be redrawn, thus helping us to define new downside targets.

Murrey Math Lines 08.06.2022 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 its growth.

Murrey Math Lines 08.06.2022 USDCAD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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