USDJPY, “US Dollar vs Japanese Yen”
USDJPY quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is nearing the resistance line. In these circumstances, a test of 3/8 (139.84) is expected, followed by a rebound from this level and a decline to the support level of 1/8 (138.28). The scenario can be cancelled by rising above the resistance at 3/8 (139.84). In this case, the pair will go on growing and the quotes could reach 4/8 (140.62).
On M15, after the price tests 3/8 (139.84), an additional signal confirming the decline might be a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, USDCAD quotes are in the oversold area. The RSI is testing the support line. In this situation, the quotes are expected to rise above the resistance at 0/8 (1.3183) and continue growing to 1/8 (1.3244). The scenario can be cancelled by a downward breakout of the support at -1/8 (1.3122), which could lead to a further drop to -2/8 (1.3061).
On M15, the upper line of the VoltyChannel is too far from the current price, which means the growth of the quotes could be additionally supported by an upward breakout of 0/8 (1.3183) on H4.
