As we can see in the H4 chart, USDJPY is trading within the “overbought” area. In this case, the price is expected to break the support at 8/8 and continue falling and reach 6/8. 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 reverse and grow towards 2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator again and, as a result, continue its decline.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, after breaking the 200-day Moving Average, USDCAD is also trading below it, thus indicating a possible descending tendency. In this case, the price is expected to test 1/8, break it, and then continue falling towards the support at 0/8. On the other hand, this scenario may no longer be valid if the pair breaks the resistance at 2/8 to the upside. After that, the instrument may reverse and grow to reach 4/8.
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.
