USDJPY quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the price is expected to rise above 7/8 (142.18), from where it could climb to the resistance at 8/8 (143.75). The scenario can be cancelled by a downward breakout of the support at 6/8 (140.62). In this case, the pair might correct to 5/8 (139.06).
On M15, a further rise of the pair could be supported by a breakout of the upper line of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has rebounded from 0/8 (1.3183) on H4, which is the upper border of the oversold area. The RSI is testing the support line. As a result, in these circumstances, the quotes are expected to rise above 1/8 (1.3244) and might later grow to the resistance at 2/8 (1.3305). This move is interpreted as a correction of a downtrend. The scenario can be cancelled by a downward breakout of 0/8 (1.3183). In this case, the pair could continue the downward move and drop to -1/8 (1.3122).
On M15, a new breakout of the upper line of the VoltyChannel might increase the probability of a rise to 2/8 (1.3305) on H4.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.