Murrey Math Lines 17.02.2021 (USDJPY, USDCAD)
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after rebounding from the resistance at 8/8, USDJPY is expected to start a new correction to the downside and reach 5/8. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may reverse and move upwards to reach the resistance at +1/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is no longer moving within the “oversold area”. In this case, the price is expected to continue growing towards the closest resistance at 1/8. Still, this scenario may no longer be valid if the price breaks 0/8 to the downside. After that, the instrument may reverse and fall to reach the support at -1/8.
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.