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Murrey Math Lines 06.09.2023 (USDJPY, USDCAD)

USDJPY, “US Dollar vs Japanese Yen”

USDJPY quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI, however, has reached the overbought area, indicating a possible correction. As a result, in this situation, a downward breakout of 6/8 (146.87) is expected, followed by a decline to the support level of 5/8 (145.31). The scenario can be cancelled by rising above the resistance at 7/8 (148.43). In this case, the pair could continue rising, and the quotes might reach 8/8 (150.00).

Murrey Math Lines 06.09.2023 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the decline might be additionally supported by a breakout of the lower boundary of the VoltyChannel.

Murrey Math Lines 06.09.2023 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”

USDCAD quotes have reached the overbought area on H4. The RSI is testing the resistance line. In this situation, the 7/8 (1.3610) level is expected to break, after which the price coup fall to the support level of 6/8 (1.3549). The scenario can be cancelled by rising above the resistance at 8/8 (1.3671). In this case, the pair might reach 1/8 (1.3732).

Murrey Math Lines 06.09.2023 USDCAD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a breakout of the lower boundary of the VoltyChannel might increase the probability of a further price decline.

Murrey Math Lines 06.09.2023 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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