Murrey Math Lines 09.03.2022 (USDJPY, USDCAD)

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is trading within the “overbought area”. In this case, the price is expected to test 8/8, break it, and then continue falling to reach the support at 7/8. However, this scenario may no longer be valid if the price breaks +1/8 to the upside. After that, the instrument may reverse and grow towards the resistance at +2/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, USDCAD is trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to continue growing towards the resistance at 8/8. Still, this scenario may no longer be valid if the price breaks the support at 6/8 to the downside. After that, the instrument may reverse and move downwards to reach 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, continue growing.