USDJPY quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. However, the RSI is in the overbought area, which could be a sign of a probable correction. In this situation, a downward breakout of 5/8 (145.31) is expected, followed by a decline to the support at 4/8 (143.75). The scenario can be cancelled by rising above the resistance at 6/8 (146.87). In this case, the quotes could continue growing and reach 7/8 (148.43).
On M15, a further decline of the price might be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI has crossed the resistance line. In these circumstances, a test of 6/8 (1.3549) is expected, followed by its breakout and a rise to the resistance at 7/8 (1.3610). The scenario can be cancelled by a downward breakout of the support at 5/8 (1.3488), in which case the pair might return to 3/8 (1.3367).
On M15, the upper line of the VoltyChannel is broken. This increases the probability of a further price rise.
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.