USDCHF and USDJPY: USDJPY to multi-decade high at 160.00
During the Asian trading session, USDCHF was under bearish pressure. During the Asian trading session, USDJPY rose to 160.23 levels.USDCHF chart analysis
During the Asian trading session, USDCHF was under bearish pressure. We saw a pullback from 0.91466 to 0.91000 levels.
This caused us to fall below the EMA200 moving average. After that, in the EU session, the pair tried to start a positive consolidation, and it only managed to reach 0.91300, where we stopped. Additional resistance is created by the EMA50 moving average, and we are back below the EMA200 and 0.91200 again.
We expect a new test of this morning’s support at 0.91000, and the current picture tells us that we are getting closer to falling to a new daily low.
Potential lower targets are 0.90900 and 0.90800 levels. With a drop below 0.90900, the pair will form a new ten-day low and thus confirm that the dollar is under some pressure.
USDJPY chart analysis
During the Asian trading session, USDJPY rose to 160.23 levels. With this, the pair climbed to a multi-decade high. After that, we saw a strong bearish candle and a pullback to the 155.00 level. The reason for this is the intervention of the Bank of Japan in the movement of the exchange rate of the US dollar against the Japanese yen. The new weekly low was formed at the 154.52 level. For now, we have good support at that level and are coming back above the EMA200 moving average and the 155.50 level.
We are currently seeing a slight bullish consolidation and are toasting the recovery of USDJPY from this morning’s decline. Potential higher targets are 156.00 and 157.00 levels. We need a negative consolidation and a new pullback below 155.00 and EMA200 for a bearish option. With this, we move again to the bearish trend, and after that, we expect further pullback. Potential lower targets are 145.50 and 154.00 levels.
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