USDCHF and USDJPY: USDJPY bounces back above 145.00 level
- During the Asian trading session, USDCHF was successfully maintained above the 0.85300 level.
- On Friday, USDJPY retreated to 144.50 and the EMA50 moving average.
USDCHF chart analysis
During the Asian trading session, USDCHF was successfully maintained above the 0.85300 level. The pair remains above the support in the EMA50 moving average. To continue on the bullish side, we need to move above 0.85600 because that would be a concrete step for further USDCHF recovery. Potential higher targets are 0.85800 and 0.8600 levels.
We need a negative consolidation and pullback to the 0.85000 support level for a bearish option. So we will test the support from Friday. A break below would strengthen the bearish momentum and push the pair to lower levels. We would also fall below the EMA50 moving average, which would make it even more difficult for the dollar to start a recovery. Potential lower targets are 0.84800 and 0.84600 levels.
USDJPY chart analysis
On Friday, USDJPY retreated to 144.50 and the EMA50 moving average. It successfully gains support at that level and begins recovery. During the Asian trading session, the pair crossed above the 145.00 level and continues to recover. This is how today’s high was formed at the 145.80 level. We still remain high above the 145.50 level, which could mean that we have the strength to continue towards the 146.00 level. Potential higher targets are 146.25 and 146.50 levels.
We need a negative consolidation and pullback below 145.50 for a bearish option. Then, if the pressure continues, we are looking at 145.00, this morning’s level of support. The inability of the dollar to hold above leads to the continuation of the retreat and the formation of a new week’s low. Potential lower targets are 144.50 and 144.00 levels. The EMA50 moving average is in the zone around 144.50, and we have been under its support for the past ten days.
