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Murrey Math Lines 29.03.2023 (USDJPY, USDCAD)

29.03.2023

USDJPY, “US Dollar vs Japanese Yen”

On H4, USDJPY quotes are under the 200-day Moving Average, which means the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, the level 4/8 (131.25) could break downwards, and the price could fall to the support level 2/8 (128.12). The scenario can be canceled if the price rises above the resistance at 5/8 (132.81). In this case, the pair could rise to 6/8 (134.37).

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

On M15, breaking the lower line of the VoltyChannel indicator can increase the chances for price falling.

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 quotes broke the level 8/8 (1.3671) downwards and escape the overbought area. The RSI broke the support line. In such circumstances, we should expect the price to keep falling to the support level 6/8 (1.3427). The scenario can be canceled if the price rises above the resistance at 8/8 (1.3671). In this case, the pair will be growing again, and the quotes could return to 1/8 (1.3793).

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

On M15, the lower line of VoltyChannel has broken. This increases the probability of further price falling.

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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