Home Economy USDCHF and USDJPY: USDJPY is retreating below 157.00 level

USDCHF and USDJPY: USDJPY is retreating below 157.00 level

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USDCHF and USDJPY: USDJPY is retreating below 157.00 level

During the Asian trading session, USDCHF moved in the 0.91400-0.91500 range. 
During this morning’s Asian session, USDJPY pulled back to the 156.65 support level.

USDCHF chart analysis

During the Asian trading session, USDCHF moved in the 0.91400-0.91500 range. At the beginning of the EU session, the pair made an impulse up to the 0.91540 level, but in the next hour, it returned to its initial position around the 0.91400 level. Today is a holiday in the US and we expect reduced volatility of all US pairs. At the current level, we are testing the EMA50 moving average, which was our support last week. 

We need an impulse below the EMA50 and the 0.91400 level for a bearish option. With that, we go to a new weekly low and strengthen the bearish momentum. After that, we expect a further pullback and testing of lower support levels. Potential lower targets are 0.91300 and 0.91200 levels. EMA200 moving average is a step lower at 0.91150 level.

 

USDJPY chart analysis

During this morning’s Asian session, USDJPY pulled back to the 156.65 support level. From that level, a recovery to 159.96 levels was launched. We were on the verge of returning to the weekly open price. We have the support of the EMA50 moving average and hope to stabilize at the current level and continue to the bullish side. Potential higher targets are 157.00 and 157.10 levels. 

We need a negative consolidation and pullback below the 156.80 level for a bearish option. After that, we follow the movement in the zone of the previous low at 156.65. A fall below this level pushes us to a new weekly low and thus confirms the dollar’s weakness. Potential lower targets are 156.60 and 156.50 levels. The EMA200 moving average is in the 156.35 zone.

 

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