USDCHF and USDJPY: USDJPY rose to 157.20 this morning
During this morning’s Asian trading session, USDCHF moved above the 0.89660 level.
During this morning’s Asian session, USDJPY managed to return above the 157.00 level
USDCHF chart analysis
During this morning’s Asian trading session, USDCHF moved above the 0.89660 level. On the upside, at the 0.89800 level, we had resistance in the EMA200 moving average. Now, we see a slowdown in the dollar and the initiation of a bearish consolidation to the weekly open price. If the pressure on USDCHF continues, we will see a drop below to a new weekly low.
This confirms the transition to the bearish side. Potential lower targets are 0.89400 and 0.89200 levels. For a bullish option, we need a positive consolidation and a move above the 0.89800 level and the EMA200 moving average. Then, we need to stabilize there in order to initiate further recovery to the bullish side. Potential higher targets are 0.90000 and 0.90200 levels.
USDJPY chart analysis
During this morning’s Asian session, USDJPY managed to return above the 157.00 level. With this step, the pair climbs to a seven-day high, which is positive and promising for further recovery. A high was formed at 157.20; we remain below that level for now. We see a pullback to the weekly open price at 156.77 and need to hold above on the positive side. If bearish momentum prevails, here we are below at a new weekly low and on the negative side.
Potential lower targets are 156.40 and 156.20 levels. Additional support is the EMA200 moving average at the 156.20 level. We need a positive consolidation and a return above the 157.20 level for a bullish option. This brings us to a retest of the previous high. Potential higher targets are 157.40 and 157.60 levels.
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