USDCHF and USDJPY: USDJPY makes a bearish move to 157.42
USDCHF retreated to the 0.89152 level yesterday, forming a new weekly low there.
Yesterday, we saw a strong bearish impulse in USDJPY from 161.50 to 157.42.
USDCHF chart analysis
USDCHF retreated to the 0.89152 level yesterday, forming a new weekly low there. The reason for this decline is the published data and reduced US inflation. The pair recovered to the 0.89640 level for the rest of the day. During this morning’s Asian trading session, the pair moved in the 0.89500-0.89700 range. At 0.89500, we put additional pressure on the weekly open price. For now, we have its support and lack the impulse to trigger a bullish option.
A USDCHF jump to 0.89800 would push us into testing the EMA 200 moving average. The pair would have to skip him too if we want to see a continuation on the bullish side. Potential higher targets are 0.89900 and 0.90000 levels. We need a negative consolidation and pullback below this morning’s support for a bearish option at 0.89500. By going below, we will form a new daily low and confirm the bearish momentum. Potential lower targets are 0.89400 and 0.89300 levels.
USDJPY chart analysis
Yesterday, we saw a strong bearish impulse in USDJPY from 161.50 to 157.42. A new weekly low was formed there, and the pair subsequently managed to stabilize. By the end of the day, we saw a recovery to 158.90 levels. During the Asian trading session, the pair had another pullback, this time to the 158.00 level. After that, the movement continued to the 158.90-159.40 range.
USDJPY is currently in that zone, but it still has a slightly bullish touch. We need an impulse that would increase the bullish momentum and trigger a recovery to the bullish side. Potential higher targets are 159.50 and 160.00 levels. If it happens, it will pull back below the 158.50 level, forming a new daily low and increasing the pressure on the pair to continue its decline. Potential lower targets are 158.00 and 157.50 levels.
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