USDCHF and USDJPY: USDJPY is approaching 156.00 again

Considering the USDCHF movement this week, which was confined within the 0.90500-0.91000 range, we find ourselves at the lower level once again, testing the weekly open price. 
Let’s start with the USDJPY movement on Tuesday. 

USDCHF chart analysis

Considering the USDCHF movement this week, which was confined within the 0.90500-0.91000 range, we find ourselves at the lower level once again, testing the weekly open price. The dollar is currently under pressure, which could lead to a prolonged search for support. This situation might result in a slip below the current level, forming a new weekly low. In such a case, our potential lower targets would be the 0.90400 and 0.90300 levels.

For a bullish option, we need of a positive consolidation and a move above the 0.90800 level. This would take us above the EMA50 moving average, a promising sign. With its support, we anticipate a continuation to 0.91000 and a test of the EMA200 moving average. If we manage to sustain this upward momentum, we could pave a clearer path to further recovery. Keep an eye on the potential higher targets at 0.91100 and 0.91200 levels.

USDJPY chart analysis

Let’s start with the USDJPY movement on Tuesday. The currency moved above 154.00 and received support from the EMA50 moving average there. This was followed by a bullish consolidation until Thursday at the 155.95 level, where we formed a new weekly high. During this morning’s Asian session, the pair retreated to support at 155.40 and is again initiating a bullish consolidation above the 155.70 level from there. We expect a retest of yesterday’s high.

With another impulse, we are going to a new weekly high, and potential higher targets are 156.00 and 156.25 levels. For a bearish option, we need a negative consolidation and pullback down to 155.00 and the EMA200 moving average. This could pull the USDJPY below and thus strengthen the bearish momentum. Potential lower target at 154.50 and 154.00 levels.

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