Murrey Math Lines 11.12.2019 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is consolidating. In this case, the price is expected to break 5/8 and then continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price rebounds from 5/8 to the downside. After that, the instrument may start a new decline towards the support at 3/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, there has been a false breakout of 5/8. In this case, the pair may fall to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8 again. After that, the instrument may continue growing towards the resistance at 6/8.
In the M15 chart, we can see that the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards to reach 3/8 from the H4 chart.