USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI is testing the resistance level. In this situation, the price is expected to rebound from the 5/8 (147.65) level and decline to the support at 3/8 (146.09). The scenario could be cancelled by rising above the 5/8 (147.65) level. In this case, the quotes might reach the resistance at 6/8 (148.43).
On M15, the decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes have broken below the 200-day Moving Average on H4, which suggests the potential development of a downtrend. The RSI is testing the resistance level. In this situation, the price is expected to break the 6/8 (1.3488) level and fall to the support at 4/8 (1.3427). The scenario could be cancelled by surpassing the 7/8 (1.3519) level. In this case, the pair might climb to the resistance at 8/8 (1.3549).
On M15, a breakout of the lower boundary of the VoltyChannel will increase the probability of a further price decline.
