USDJPY quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has broken the resistance line. In this situation, the quotes are expected to rise above 7/8 (148.43) and then reach the resistance level at 8/8 (150.00). The scenario can be cancelled by a downward breakout of the support level at 6/8 (146.87). In this case, the quotes might drop to 5/8 (145.31).
On M15, the upper boundary of the VoltyChannel is broken. This increases the probability of a further price rise.
USDCAD, “US Dollar vs Canadian Dollar”
On the USDCAD chart, the situation is similar. The quotes are above the 200-day Moving Average, indicating the prevalence of an uptrend, while the RSI has broken the resistance line. In this situation, the quotes are expected to rebound from the 6/8 (1.3549) level and rise to the resistance at 8/8 (1.3671). The scenario can be cancelled by a downward breakout of 6/8 (1.3549). In this case, the pair could correct to the support at 5/8 (1.3488).
On M15, the upper boundary of the VoltyChannel is too far from the current price, and the increase could be supported by a rebound from 6/8 (1.3549) on H4.
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.