USDCHF and USDJPY: USDJPY in consolidation around 161.00

USDCHF chart analysis

During this morning’s Asian trading session, USDCHF received support at the 0.89855 level. Additional support is the EMA50 moving average. A daily high was formed at 0.90085, and we were within reach of last week’s high at 0.90099. For now, we are back to the 0.90000 level and need a new impulse to climb to a new weekly high.

Potential higher targets are 0.90200 and 0.90300 levels. If we were to see a pullback to EMA50 and the 0.89855 level, it could mean that USDCHF is under some bearish pressure. That would push us to the negative side because we would move below the weekly open price. Potential lower targets are 0.89800 and 0.89600 levels. Additional major support for USDCHF is the EMA200 and the 0.89600 zone.

USDJPY chart analysis

On Friday, USDJPY rose to 161.28, forming a new June high there. After that, the pair retreated to support at 160.20. With the new support we again saw the initiation of a bullish consolidation to 161.00. During this morning’s Asian trading session, the pair moved in the 160.75-161.10 range. We are still within that consolidation and waiting for an impulse that would start a new trend.

With momentum above 161.20, USDJPY is in a position to attack last week’s high. Potential higher targets are 161.40 and 161.60 levels. We need a negative consolidation and a drop below the 160.70 level for a bearish option. With that step, we go below the EMA50 moving average and the weekly open price. After that, the picture will be very negative for the pair, and they will have to look for new support. Potential lower targets are 160.40 and 160.20 levels.

The post USDCHF and USDJPY: USDJPY in consolidation around 161.00 appeared first on FinanceBrokerage.