USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is heading towards the “overbought area”. In this case, the price is expected to test 8/8, rebound from it, and then resume falling to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks the resistance at 8/8 to the upside. After that, the instrument may grow towards +1/8.
As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading downwards only after rebounding from 8/8 in the H4 chart.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the price is expected to break the support at 6/8 and continue falling towards 5/8. Still, this scenario may no longer be valid if the price breaks the resistance at 7/8 to the upside. After that, the instrument may reverse and move upwards to reach 8/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
Source: Roboforex
