USDCHF and USDJPI: USDJPI falls under pressure this morning

• During this morning’s Asian trading session, USDCHF continued last week’s bearish consolidation.
• During this morning’s Asian session, USDJPY continued its bearish consolidation. 

USDCHF chart analysis

During this morning’s Asian trading session, USDCHF continued last week’s bearish consolidation. A new low was formed at the 0.84474 level. After that, the pair tried to initiate a recovery but encountered resistance at 0.85350. The impossibility of starting further growth caused us to pull back below 0.85000 and try again to test the previous low.

Potential lower targets are 0.84000 and 0.83500 levels. For a bullish option, the USDCHF pair must stabilize above the 0.85500 level. If it succeeds, it could continue the bullish consolidation. With a jump to the 0.85800 level, we move to the weekly open price. Potential higher targets are 0.86000 and 0.86500 levels. Additional support is found in the EMA 50 moving average at the 0.86250 level.

USDJPY chart analysis

During this morning’s Asian session, USDJPY continued its bearish consolidation. The pair sank to a new low at 141.68 level. With this step, we fell to the levels from January. In the continuation, the pair tries to stay there and stop retreating further. If he can’t do that, we will see a further retreat and the formation of a new low. Potential lower targets are 141.00 and 140.00 levels.

For a bullish option, USDJPY would first stabilize above the 142.00 level. With the new support, it will be much easier for us to start further growth on the bullish side. After that, we can hope for the initiation of bullish consolidation and a return to previous higher levels. Potential higher targets are 144.00 and 145.00 levels. The EMA 50 moving average is up in the weekly open price zone of 146.50.

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