USDJPY, “US Dollar vs Japanese Yen”
As we can see in the H4 chart, USDJPY is moving within the “overbought area”. The Relative Strength Index has rebounded from the descending trendline. In this case, the pair is expected to test 8/8 (143.75), break it, and then correct downwards to reach the support at 7/8 (142.18). However, this scenario may be cancelled if the price breaks the resistance +1/8 (145.31) to the upside. After that, the instrument may grow to reach +2/8 (146.87).
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is also trading inside the “overbought area”. The Relative Strength Index is above 70, confirming a possible decline. In this case, the price is expected to rebound from +1/8 (1.3793) and resume moving downwards to reach the support at 7/8 (1.3549). However, this scenario may no longer be valid if the price breaks the resistance at +1/8 (1.3793) to the upside. After that, the instrument may continue growing towards +2/8 (1.3916).
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
Source: Roboforex
