USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is trading within the “overbought area”. In this case, the price is expected to test +1/8, rebound from it, and then resume falling to reach the support at 8/8. However, this scenario may no longer be valid if the price breaks the resistance at +1/8 to the upside. After that, the instrument may continue moving towards +2/8.
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.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is also moving inside the “overbought area”; it has already rebounded from the resistance at +1/8. In this case, the price may break 8/8 and then continue falling towards the support at 7/8. On the other hand, this scenario may no longer be valid if the pair breaks the resistance at +1/8 to the upside. After that, the instrument may reverse and move upwards to reach +2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
