USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading near the downside border of the “overbought area”. In this case, the price is expected to rebound from 8/8 and then correct down to the support at 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 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 test 6/8, break it, and then continue growing towards the resistance at 7/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at 5/8 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.
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.