Murrey Math Lines 18.03.2020 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is consolidating. It has already rebounded from 5/8 and right now is expected to continue falling towards the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8 to the upside. After that, the instrument may continue trading upwards to reach the resistance 6/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards to reach 3/8 from the H4 chart.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, the pair is moving above 5/8. In this case, USDCAD may rebound from 6/8 and then resume growing towards the resistance at 7/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may correct downwards to reach the support 5/8.
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.