USDJPY quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 7/8 (149.21), subsequently reaching the resistance line at 1/8 (150.78). The scenario can be cancelled by a rebound from the 7/8 (149.21) mark. In this case, the quotes could drop to the support at 5/8 (147.65).
On M15, the upper boundary of the VoltyChannel is too far from the current price, hence, the growth of quotes could be supported by a breakout of 7/8 (149.21) on H4.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes and the RSI are in their respective overbought areas on H4. In these circumstances, a test of 8/8 (1.3671) is expected, followed by a breakout of this level and a decline to 7/8 (1.3610). The scenario can be cancelled by rising above the 1/8 (1.3732) level. In this case, the pair could reach 2/8 (1.3793).
On M15, price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
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.