USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to test 6/8, break it, and then continue growing to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks the support at 5/8 to the downside. After that, the instrument may reverse and fall towards 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, USDCAD is trading inside the “oversold area”. In this case, the price may break 0/8 and then continue growing towards the resistance at 2/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at -1/8 to the downside. After that, the instrument may reverse and move downwards to reach -2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.
Source: Roboforex
