USDCHF and USDJPY: USDJPY is holding above the 149.75 level
During the Asian trading session, USDCHF recovered from 0.89238 to 0.89600 levels. The USDJPY pair remains very high, above the 149.75 level at the beginning of this week.USDCHF chart analysis
During the Asian trading session, USDCHF recovered from 0.89238 to 0.89600 levels. At that level, it encounters resistance at the beginning of the EU session, which creates a strong bearish impulse and brings us down to the support zone from the market’s opening last night. If the pressure continues, we will see a breakout below and a visit to last week’s low at the 0.89200 level. Potential lower targets are 0.89000 and 0.88900 levels.
For a bullish option, we need a new positive consolidation from the current support level and a return to the resistance zone around the 0.89600 level. Then, we need a break above it to get rid of the bearish pressure. Potential higher targets are 0.89700 and 0.89800 levels.
USDJPY chart analysis
The USDJPY pair remains very high, above the 149.75 level at the beginning of this week. We are still looking at the 150.00 level, expecting to see a break above and continue to the bullish side. A jump above could trigger a rally continuation and form a new three-week high. Potential higher targets are 150.20 and 150.40 levels.
The yen index remains very low, and BoJ intervention could occur, boosting the yen to strength and recovery. For the bearish option USDJPY, we need negative consolidation and a decline to the 149.60 level. There, we would have the opportunity to test the EMA50 moving average. A break below could indicate a further pullback; potential lower targets are the 149.40 and 149.20 levels.
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