USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are nearing the overbought area. The RSI is approaching the resistance line. In these circumstances, the quotes are expected to test the 8/8 (143.75) level, rebound from it and drop to the support at 6/8 (142.18). The scenario can be cancelled by an upward breakout of the resistance at 8/8 (143.75). In this case, the pair could continue to rise, with the quotes reaching +1/8 (144.53).
On M15, after the price tests the 8/8 (143.75) level on H4, the price drop might be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are above the 200-day Moving Average on H4, which indicates a prevailing uptrend. But the RSI has formed a divergence. In this situation, the quotes are expected to test the 3/8 (1.3367) level, break it and fall to 2/8 (1.3305). The scenario can be cancelled by a breakout of the resistance level at 4/8 (1.3427). In this case, the pair could return to 5/8 (1.3488).
On M15, a breakout of the lower line of the VoltyChannel will increase the probability of a price decline.
