USDCHF and USDJPY: USDJPY continues bullish consolidation
- On Thursday, USDCHF retreated to a new weekly low at the 0.84000 level
- On Thursday, USDJPY rose to 145.55, a new weekly high
USDCHF chart analysis
On Thursday, USDCHF retreated to a new weekly low at the 0.84000 level. After its formation, the pair initiated a recovery above 0.84500 and the EMA 50 moving average. During this morning’s Asian trading session, we saw a continuation to the bullish side and a rise to the 0.84850 level. Here we come across the EMA 200 moving average and need its support for further continuation above. Potential higher targets are 0.85000 and 0.85500 levels.
For a bearish option, we need a negative consolidation and pullback below the EMA 50 and 0.84500 levels. With that step, USDCHF will form a new daily low and confirm that it is under pressure to continue its retreat. Potential lower targets are 0.84000 and 0.83500 levels. Bullish consolidation is currently dominating and we expect a recovery by the end of the day.
USDJPY chart analysis
On Thursday, USDJPY rose to 145.55, a new weekly high. After that, the pair pulled back to support at 144.70. Here, we meet the EMA 50 moving average and successfully gain its support. During this morning’s Asian trading session, USDJPY initiated a bullish consolidation and climbed to a daily high at the 145.25 level. The pair is trying to break above the EMA 200 moving average.
With its support, we expect a stronger bullish trend and conquest of higher levels. Potential higher targets are 145.50 and 146.00 levels. For a bearish option, we need a negative USDJPY consolidation back below the 144.50 level. With these steps, we move below the EMA 50 and form a new daily low. Potential lower targets are 144.00 and 143.50 levels.
