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USDCHF and USDJPY: USDJPY falls to a ten-day low

by August 19, 2024
written by August 19, 2024

USDCHF and USDJPY: USDJPY falls to a 10-day low

During this morning’s Asian session, USDCHF continued to pull back to the 0.86159 support level
During this morning’s Asian trading session, USDJPY made a fresh pullback all the way to the 145.18 level

USDCHF chart analysis

During this morning’s Asian session, USDCHF continued to pull back to the 0.86159 support level. In the following hours, the pair consolidated and started a recovery to the 0.86500 level. We now need a continuation to 0.86620 to break the daily open price. By returning above, we will be on the positive side again, and the chances of further recovery will increase. The pair at 0.86675 has resistance in the EMA 200 moving average and needs a break above for further recovery.

If USDCHF manages to move above, it will have an opportunity to start a further recovery. Potential higher targets are 0.86800 and 0.87000 levels. For a bearish option, negative consolidation and a return to the 0.862000 zone are needed. This puts pressure on the weekly low, reinforcing the bearish momentum. Potential lower targets are 0.86000 and 0.85800 levels.

 

USDJPY chart analysis

During this morning’s Asian trading session, USDJPY made a fresh pullback all the way to the 145.18 level. After the formation of a new low, the pair started a recovery and has now returned to the 146.50 level. We have bullish momentum, which could trigger a further continuation to the bullish side. Potential higher targets are 147.00 and 147.50 levels. By returning to 147.50, we will reach the daily open price. The additional resistances in that zone are the EMA 50 and EMA 200 moving averages.

With a pre-relaxation above them, the pair would erase this morning’s losses and return to the positive side. For a bearish option, we need a negative consolidation and pullback below 146.00 to start. With these steps, we are strengthening the bearish momentum and putting pressure on the USDJPY to continue its retreat. Potential lower targets are 145.50 and 145.00 levels.

 

The post USDCHF and USDJPY: USDJPY falls to a ten-day low appeared first on FinanceBrokerage.

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