As we can see in the H4 chart, USDJPY is trading below the 200-day Moving Average to indicate a descending tendency. In this case, the price is expected to test the support at 4/8, break it, and then continue falling and reach 3/8. However, this scenario may no longer be valid if the price breaks the resistance at 6/8 to the upside. After that, the instrument may reverse and grow towards 7/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is also trading below the 200-day Moving Average, thus indicating a possible descending tendency. In this case, the price is expected to break 2/8 and continue falling towards the support at 1/8. On the other hand, this scenario may no longer be valid if the pair breaks the resistance at 4/8 to the upside. After that, the instrument may reverse and grow to reach 6/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
