Murrey Math Lines 08.04.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading above 5/8. In this case, the price is expected to break 6/8 and then continue growing towards the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may continue trading upwards to reach the support at 3/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards to reach 8/8 from the H4 chart.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, the pair is moving between 1/8 and 2/8. In this case, USDCAD may break 1/8 and then continue falling towards the support at 0/8. However, this scenario may no longer be valid if the price breaks 2/8. After that, the instrument may trade upwards to reach the resistance at 3/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.