USDCHF and USDJPY: USCHF is holding above 0.89500
During the Asian trading session, USDCHF held above the 0.89400 level.
During the Asian trading session, USDJPY was very volatile because of the BoJ Monetary Policy Statement.
USDCHF chart analysis
During the Asian trading session, USDCHF held above the 0.89400 level. Today’s high was at the 0.89750 level. For now, we have resistance at that level and see USDCHF pulling back to 0.89500. We could once again see a pullback and test of support at the 0.89400 level. Additional support is in the EMA50 moving average.
Should we break below, the pair would face increased bearish pressure to move lower and test the 0.89100 support level. We need positive consolidation and a new test of this morning’s resistance level for a bullish option. With a break above, we would have the opportunity to form a new higher high and continue the growth.
USDJPY chart analysis
During the Asian trading session, USDJPY was very volatile because of the BoJ Monetary Policy Statement. The BoJ will continue with an ultra-easy monetary policy without raising interest rates. That pushed USDJPY to the 136.185 level. Such a scenario has created a rise of 1.6% or 220 pips since the beginning of the trading day.
We could expect a saturation of buyers of the USDJPY pair and some pullback for a new bullish momentum. Potential higher targets are 136.50 and 137.00. We need a negative consolidation and pullback to 135.60 levels for a bearish option. Falling below this level, we could see a continuation of the decline with a target at the 135.00 level.
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