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USDCHF and USDJPY: USDJPY breaks resistance at 150.50

USDCHF and USDJPY: USDJPY breaks resistance at 150.50

During the Asian trading session, USDCHF only managed to climb up to the 0.88225 level. 
On Friday, we saw USDJPY at a new weekly high at the 150.77 level. 

USDCHF chart analysis

During the Asian trading session, USDCHF only managed to climb up to the 0.88225 level. From that place, a bearish consolidation was initiated; the pair fell below the Asian low, increasing the pressure on the dollar. This leads to a drop below the 0.88000 level and the EMA200 moving average. The fact that we are below the moving average that supported us in the previous weeks adds to the pressure.

Potential lower targets are 0.87900 and 0.87800 levels. For a bullish option, we need to see a return of USDCHF above the 0.88000 level. Then, we need to stabilize there in order to try to retest the resistance at 0.88200. With the breakthrough above, we would be significantly relieved of the pressure and could start further recovery. Potential higher targets are 0.88300 and 0.88400 levels.

USDJPY chart analysis

On Friday, we saw USDJPY at a new weekly high at the 150.77 level. They stalled there, and the pair spent the rest of Friday retreating to support at the 150.30 level. After receiving support, we saw a recovery to the 150.50 level. During the Asian trading session, the new flow on the dollar brought us down to test support at the 150.30 level. We remain above again and start a new recovery by breaking the Asian high and forming a new one at the 150.67 level.

Now, it is important for us to stay above the 150.50 level and thus form a bottom from which further growth would start. Potentially higher targets are 150.80 and 150.90 levels. We need a pullback and a new test at 150.30 for a bearish option. A break below the formed daily low confirms the bearish momentum. Potential lower targets are 150.20 and 150.10 levels. Additional support is the EMA200 at 150.10; there, we expect a stop or a slowdown of the bearish option.

 

The post USDCHF and USDJPY: USDJPY breaks resistance at 150.50 appeared first on FinanceBrokerage.

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