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Murrey Math Lines 15.03.2023 (USDJPY, USDCAD)

15.03.2023

USDJPY, “US Dollar vs Japanese Yen”

On H4, USDJPY is above the 200-day Moving Average, which indicates that an upward trend is prevailing. The RSI has broken the resistance line. In this situation, the pair is expected to test the 7/8 (135.93) and its further breakdown to the resistance level of 8/8 (137.50). The likely scenario can be negated if the price breaks through the support at 5/8 (132.81), which will lead to the change of the tendency and downfall to the 4/8 (131.25).

USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the upper line of the VoltyChannel indicator has been broken. This event increases the probability of further price growth.

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”

On H4, USDCAD is at the overbought area. The RSI has broken the support line. The price is likely to break through the 8/8 (1.3671) and continue falling down of the support at 7/8 (1.3549). A break-upto the resistance level of 1/8 (1.3793) would be a reversal of this scenario. In this case the price can go up to the 2/8 (1.3916).

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

On M15, the bottom line of the VoltyChannel indicator has been broken, which increases the probability of further price 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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