Murrey Math Lines 29.01.2020 (USDJPY, USDCAD)

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is consolidating. In this case, the price is expected to break 4/8 and then continue growing to reach the resistance at 5/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may start a new decline towards the support at 1/8.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, USDCAD has rebounded from the strong resistance at 8/8. In this case, the pair may resume falling to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may continue growing towards the resistance at +1/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, continue moving downwards to reach 6/8 from the H4 chart.