USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. However, the RSI has reached the overbought area. In the end, a test of 7/8 (148.43) is expected, followed by a rebound from this level and a decline to the support at 5/8 (146.09). The scenario could be cancelled by rising above the resistance at 7/8 (148.43), in which case the pair could reach the 8/8 (150.00) level.
On M15, after a rebound from 7/8 (148.43) on H4, the decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has broken the 200-day Moving Average on H4 and rests above it, indicating the probability of an uptrend. However, the RSI has practically reached the overbought area. In this situation, a test of 6/8 (1.3549) is expected, followed by a rebound from this level and a decline to the support at 4/8 (1.3427). The scenario could be cancelled by rising above 6/8 (1.3549), in which case the pair could reach the resistance at 7/8 (1.3610).
On M15, after a rebound from 6/8 (1.3549), the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
