USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after breaking the 200-day Moving Average, USDJPY is trading above it to indicate an ascending tendency. In this case, the price is expected to test the resistance at 7/8, break it, and then continue growing and reach 8/8. However, 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 fall towards 5/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth to reach 8/8 from the H4 chart.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD has also broken the 200-day Moving Average; right now, it is trading below it, thus indicating a possible ascending tendency. In this case, the price is expected to break the resistance at 4/8 and continue growing towards 5/8. On the other hand, this scenario may no longer be valid if the pair breaks the support at 3/8 to the downside. After that, the instrument may reverse and fall to reach 2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
Source: Roboforex
