USDCHF and USDJPY: USDJPY climbed above 157.10 yesterday
- Yesterday, USDCHF pulled back in the EU session to new support at the 0.91300 level.
- The pair USDJPY climbed to a new weekly high yesterday at 157.19.
USDCHF chart analysis
Yesterday, USDCHF pulled back in the EU session to new support at the 0.91300 level. At that level, we received additional support in the EMA50 moving average. This initiated the initiation of positive consolidation and growth above the 0.91400 level. During this morning’s Asian session, the pair stabilized above 0.91400 and continued to 0.91500. It is possible that we will see a continuation of USDCHF on the bullish side and the formation of a new weekly high.
Potential higher targets are 0.91600 and 0.91700 levels. We need a negative consolidation and pullback below the 0.91400 support level for a bearish option. With that, we fall below the EMA50 moving average and will form a new daily low. This confirms the beginning of a bearish momentum that could continue until the end of the day. Potential lower targets are 0.91300 and 0.91200 levels.
USDJPY chart analysis
The pair USDJPY climbed to a new weekly high yesterday at 157.19. We have resistance at that level for now, which led to a slight pullback to the 156.85 level last night. We are getting that new support, and during the Asian trading session, we are back above the 157.00 level again. There is not much volatility on the chart, triggering a slight bearish consolidation from the 157.14 to the 157.00 level.
For the bearish option, we need an impulse below the daily open price, and thus, we get confirmation that the pair is under pressure. The next important level is 156.80, where the EMA50 moving average awaits us. By falling below that line, we can expect a deeper pullback and a visit to lower levels. Potential lower targets are 156.60 and 156.40 levels.
