USDCHF and USDJPY: USDJPY falls below 147.00 this morning

USDCHF chart analysis

On Wednesday, the USDCHF fell below the EMA200 moving average, leading to a sharp pullback below the 0.88100 level. Thursday was all bearish, and the pair retreated to the 0.87700 level. During the Asian trading session, we saw a continuation of the pullback and the formation of a new weekly low at the 0.87580 level. We are still close to that level, remaining under bearish pressure, and currently hovering around the 0.87650 level.

Potential lower targets are the 0.87500 and 0.87500 levels. For a bullish option, you need USDCHF to return above the 0.87800 level. With that, we grow to a new daily high and skip the Asian high price. After that, we can expect to see a new bullish consolidation and USDCHF recovery. Potential higher targets are the 0.87900 and 0.88000 levels.

USDJPY chart analysis

On Tuesday, USDJPY fell below the EMA200 moving average and initiated a bearish consolidation. The pair slipped below the 150.00 level, reinforcing the bearish momentum that continues today. This led to a drop to a new weekly low at 146.87. During the previous Asian trading session, we tried to stay above the 147.75 level but failed to do so, causing us to fall to today’s low.

Potential lower targets are the 146.75 and 146.50 levels. For a bullish option, we need a positive consolidation and a return to the $148.00 level. This brings us back to the daily open price. By moving above, we move away from the previous low. With the new support at 148.00, we have the opportunity to start a bullish consolidation and erase part of this week’s losses. Potential higher targets are the 148.50 and 149.00 levels.

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