USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes have broken the 200-day Moving Average on H4 and are now below it, revealing a possible development of a downtrend. However, the RSI is already in the oversold area, indicating price growth. As a result, a test of 2/8 (139.06) is expected, followed by a rebound from it and a rise of the quotes to the resistance level of 4/8 (140.62). The scenario can be cancelled by a downward breakout of the support at 2/8 (139.06). In this case, the pair might continue falling so that the quotes could drop to 1/8 (138.28).
On M15, the upper line of the VoltyChannel indicator is too far away from the current price, so further price growth could be signalled by a rebound from 2/8 (139.06) on H4.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes on H4 and the RSI are nearing their oversold areas. In these circumstances, a test of 0/8 (1.3183) is expected, followed by a rebound from it and a rise to the resistance level of 2/8 (1.3305). The scenario can be cancelled by a downward breakout of 0/8 (1.3183), which could lead to a further decline to -1/8 (1.3122).
On M15, the situation is similar to that on the USDJPY chart. The upper line of the VoltyChannel indicator is too far away from the current price, so further price growth could be signalled by a rebound from 0/8 (1.3183) on H4.
