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USDCHF and USDJPY: USDJPY in retreat from this morning

by August 16, 2024
written by August 16, 2024

USDCHF and USDJPY: USDJPY in retreat from this morning

Yesterday, we saw a strong bullish impulse in USDCHF to a new weekly high of 0.87486
On Thursday, USDJPY rose to 149.40, a new weekly high

USDCHF chart analysis

Yesterday, we saw a strong bullish impulse in USDCHF to a new weekly high of 0.87486. After that, the pair lost momentum to continue above and initiated a pullback. During this morning’s Asian trading session, we encountered resistance at the 0.87300 level, and a bearish consolidation was initiated from there. The pair continued to slide down to the 0.86815 level in the EU session. Here, for now, we are trying to hold and get support from the EMA 50 moving average.

If we succeed in this, we could see the initiation of a new bullish consolidation. After USDCHF stabilizes above 0.87000, the pair could initiate a recovery to the bullish side. Potential higher targets are 0.87100 and 0.87200 levels. We need a negative consolidation and a drop below the EMA 50 moving average for a bearish option. This will increase the pressure on the pair to continue the retreat. Potential lower targets are 0.86700 and 0.6600 levels.

 

USDJPY chart analysis

On Thursday, USDJPY rose to 149.40, a new weekly high. During this morning’s Asian session, the pair failed to hold up there and initiated a pullback. A new daily low was formed at the 148.60 level, thus strengthening today’s bearish momentum. The pressure on USDJPY is increasing, and we expect to see a further pullback to a new daily low soon. Potential lower targets are 148.50 and 148.00 levels.

EMA200 could stop the bearish trend at the 147.80 level. For a bullish option, we need a positive consolidation and a return above the 149.00 level. After that, we need to stabilize there in order to try to get back above the daily open price of 149.30. If we succeed, the pair could test this week’s high and form a new one. Potential higher targets are 149.50 and 150.00 levels.

 

The post USDCHF and USDJPY: USDJPY in retreat from this morning appeared first on FinanceBrokerage.

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