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Murrey Math Lines 16.11.2022 (USDJPY, USDCAD)

16.11.2022

USDJPY, “US Dollar vs Japanese Yen”

On H4, the quotes are under the 200-day Moving Average, which indicates the prevalence of a downtrend. The RSI is testing the descending trendline. As a result, we should expect a test of 1/8 (139.06), a breakaway of it, and falling to the support level of 0/8 (137.50). The scenario can be cancelled by rising over the resistance level of 2/8 (140.62). In this case, the pair will continue correcting and might reach 3/8 (142.18).

USDJPYH4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a breakaway of the lower line of VoltyChannel will increase the probability of price decline.

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”

The situation on the USDCAD chart is similar. On H4, the quotes are under the 200-day Moving Average, and the RSI is testing the descending trendline. In this circumstances, we should expect a bounce off 1/8 (1.3305) and falling to the support level of -1/8 (1.3061). The scenario can be cancelled by rising over the resistance level of 1/8 (1.3305). In this case, the pair may rise to 2/8 (1.3427).

USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a breakaway of the VoltyChannel lower line will be another signal for the decline.

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

Attention!

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.


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