USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after failing to fix above 6/8, USDJPY is trading below it. In this case, the price is expected to continue falling to reach the closest support at 5/8. However, this scenario may no longer be valid if the price breaks 6/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 7/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 5/8, break it, and then continue falling towards the support at 4/8. Still, this scenario may no longer be valid if the price breaks 6/8 to the upside. After that, the instrument may correct to reach the resistance at 7/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards to reach 4/8 from the H4 chart.
