As we can see in the H4 chart, USDJPY is trading inside the “overbought area”. In this case, the price is expected to test 8/8, break it, and then continue falling and reach 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 reverse and grow towards 2/8.
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”
In the H4 chart, USDCAD is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 7/8 and continue growing towards the resistance at 8/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at 6/8 to the downside. After that, the instrument may reverse and fall to reach 4/8.
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 to reach 8/8 from the H4 chart.
