USDCHF and USDJPY: USDJPY retreats from 149.80 level

• The two-week bearish trend of USDCHF was stopped yesterday at the 0.89668 level.
• The USDJPY pair was near reaching the 150.00 level this morning, stopping at 149.81.

USDCHF Chart Analysis

The two-week bearish trend of USDCHF was stopped yesterday at the 0.89668 level. From that level, we see a strong bullish impulse that climbs the pair to the 0.90900 level. During the previous Asian trading session, the pair was in a pullback to the 0.90600 support level. We managed to get support in that zone, and now we are again close to the 0.90900 level.

We have also moved above the EMA50 moving average, which could reflect positively in the coming days. Potential higher targets are 0.91000 and 0.91100 levels. We need a negative consolidation and a drop below this morning’s support for a bearish option at 0.90600. This would move us to the bearish side, and we could expect to see a continuation down. Potential lower targets are 0.90400 and 0.90200 levels.

USDJPY Chart Analysis

The USDJPY pair was near reaching the 150.00 level this morning, stopping at 149.81. During the Asian trading session, we saw a bearish consolidation and pullback to the 149.58 level. It is very possible that we will drop below 149.50 or form a lower daily low. We could get some support in the zone around 149.30 and stop this pullback. A break below could indicate a continuation of the decline to lower levels. Potential lower targets are 149.20 and 149.00 levels.

We need positive consolidation and a return to this morning’s resistance zone at the 149.80 level for a bullish option. A break above would lead to the formation of this week’s new high, and we would likely move above the 150.00 level. Potential higher targets are 150.20 and 150.40 levels.

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