USDJPY quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the price is expected to rise above 6/8 (146.87) and continue growing to the resistance at 7/8 (148.43). The scenario can be cancelled by a downward breakout of the support at 5/8 (145.31). In this case, the pair could correct to 4/8 (143.75).
On M15, the price rise could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, a test of 7/8 (1.3610) is expected, followed by a breakout and a rise to the resistance at 8/8 (1.3671). The scenario can be cancelled by a downwards breakout of the support at 6/8 (1.3549). In this case, the pair could return to 5/8 (1.3488).
On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of a further price rise.
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.