USDCHF and USDJPY: USDJPY is moving in a support zone
- USDCHF is under renewed pressure at the start of this week.
- On Friday, we saw another pullback in USDJPY to the 157.36 level.
USDCHF chart analysis
USDCHF is under renewed pressure at the start of this week. In the first few hours of the Asian session, we saw positive movements of this pair up to the 0.89700 level. We met the EMA 200 moving average, which did not allow us to continue the recovery, and we had to initiate a pullback. A strong bearish consolidation below brings us down to the 0.89350 level, a new weekly low.
The pair is under pressure to continue the retreat that has begun. Potential lower targets are 0.89300 and 0.89200 levels. Last week’s low USDCHF was at 0.89150 level. We need a positive consolidation and a return above the 0.89450 level for a bullish option. With this, we return above the weekly open price to the positive side. After that, the pair will be better positioned to continue on the bullish side. Potential higher targets are 0.89500 and 0.89600 levels.
USDJPY chart analysis
On Friday, we saw another pullback in USDJPY to the 157.36 level. The dollar showed weakness again, and the pair retreated to a weekly low. During this morning’s Asian trading session, we managed to hold on and recover to the 158.00 level. The price is still in the zone of support, but there are positive indications for a potential recovery. With a jump to 159.00, the pair receives the support of the EMA 50 moving average and starts a momentum to the bullish side.
Potential higher targets are 159.50 and 160.00 levels. We need a negative consolidation and pullback below the 157.80 level for a bearish option. This brings us below the weekly open price. The pair is forced to form a new weekly low. Potential lower targets are 157.50 and 157.00 levels.
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