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 break +1/8 and continue falling to reach the support at 8/8. However, this scenario may no longer be valid if the price breaks the resistance at +2/8 to the upside. After that, the lines in the chart will be redrawn, thus helping us to define new upside targets.
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”
As we can see in the H4 chart, USDCAD is moving at the 200-day Moving Average, thus indicating a sideways tendency. However, the asset is trading not far from the “overbought area”, that’s why it is highly likely to resume falling. To confirm this idea, the pair must break 7/8. In this case, the next downside target will be the support at 6/8. On the other hand, this scenario may no longer be valid if the pair breaks the resistance at 8/8 to the upside. After that, the instrument may reverse and move upwards to reach +1/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline towards 6/8 in the H4 chart.
Source: Roboforex
