USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is moving below the consolidation range not far from 1/8. In this case, the price is expected to break this level and then continue falling towards the support at 0/8. However, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may continue trading upwards to reach the closest resistance at 3/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, after breaking 5/8, USDCAD is consolidating. In this case, the pair is expected to break 4/8 and then continue falling towards the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8 to the upside. After that, the instrument may continue moving upwards to reach the resistance at 6/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards to reach 3/8 from the H4 chart.
