USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes have broken the 200-day Moving Average on H4 and are currently above it, which indicates a possible development of an uptrend. However, a divergence has formed on the RSI, signaling about a price decline. As a result, in this situation, a downward breakout of the 5/8 (146.09) might lead to a price decline to the support at 4/8 (143.75). The scenario could be cancelled by rising above the resistance level of 6/8 (146.87). In this case, the pair might continue growing, and the quotes might reach 7/8 (148.43).
On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of a price decline.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. A divergence has formed on the RSI. In this situation, a test of the 2/8 (1.3305) level is expected, followed by a breakout of this level and a decline to the support at 1/8 (1.3244). The scenario could be cancelled by rising above 4/8 (1.3427), which could lead to a trend reversal and make the pair rise to the resistance at 5/8 (1.3488).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
