Trading Life 13-06-2023 01:29 191 Views

USDCHF and USDJPY: USDJPY rises to resistance at 139.60

USDCHF and USDJPY: USDJPY rises to resistance at 139.60

During the Asian trading session, USDCHF recovered to 0.90450 levels.  During the Asian trading session, USDJPY moved above the 139.50 level. 

USDCHF chart analysis

During the Asian trading session, USDCHF recovered to 0.90450 levels. This pair started to retreat at the beginning of the EU session, and now we are at the 0.90200 level. The dollar is starting to weaken, and the other currencies are skillfully using it. For a bearish option, we need a continuation of the negative consolidation and a drop to the 0.90000 level.

In this way, we would get closer to last week’s support zone around the 0.89900 level. A longer hold in that zone could lead to a breakout below and a continuation of the USDCHF pullback. Potential lower targets are 0.89800 and 0.98700 levels. For a bullish option, we need a break above the 0.90600 level.

By moving above, we would get the support of the EMA50 moving average, which could have a positive effect on the further continuation. Potential higher targets are 0.90700 and 0.90800 levels.

USDJPY chart analysis

During the Asian trading session, USDJPY moved above the 139.50 level. We encountered resistance at 139.60 and started to pull back. The bearish impulse takes us down to the 139.25 level, but there are more chances to fall to the 139.00 level. Below, we would approach the previous low and could retest the 138.70-138.80 support zone.

We need a positive consolidation and a return to the 139.60 level for a bullish option. Then we need a break above, and we would get additional support in the EMA50 moving average. Potential higher targets are 139.80 and 140.00 levels.

 

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