USDCHF and USDJPY: USDJPY under pressure below 156.50
- During this morning’s Asian trading session, USDCHF was under pressure below the 0.88900 level.
- During this morning’s Asian trading session, USDJPY encountered resistance at the 157.50 level.
USDCHF chart analysis
During this morning’s Asian trading session, USDCHF was under pressure below the 0.88900 level. On the downside, we get support at 0.88700, and for now, we are moving in that range. The pair has been calm since the beginning of the EU session, holding above the support level. This is all very bad for the dollar, and we could see a decline with new momentum to a new daily low. Potential lower targets are the 0.88600 and 0.88500 levels.
For a bullish option, we need a return of USDCHF above the 0.88900 level. Thus, we climb to the positive side and get the support of the EMA 50 moving average. After stabilizing at that level, we can hope to start a positive consolidation and continue on the bullish side. Potential higher targets are 0.89000 and 0.89100 levels.
USDJPY chart analysis
During this morning’s Asian trading session, USDJPY encountered resistance at the 157.50 level. This was followed by bearish consolidation and a drop to 156.30 levels. We then saw a slight recovery to 157.00, where we encountered new resistance. The bearish momentum is gaining momentum again, which could produce a bearish impulse and drop to a new daily low. Potential lower targets are 156.00 and 155.50 levels.
For a bullish option, we need to stabilize again above the 157.00 level. After that, we can expect a continuation of the bullish consolidation towards the weekly open price of 157.50. There, we get the support of the EMA 50 moving average, and it will be easier for us to start further recovery. Potential higher targets are the 158.00 and 158.50 levels.
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