USDCHF and USDJPY: USDJPY is getting closer to 140.00

USDCHF chart analysis

Since the beginning of this week, USDCHF has been in a bearish consolidation. We started the week at the 0.88000 level, only to see a drop to the 0.86300 level yesterday. A new five-month low was formed there. After the support at that level, the pair starts with a bullish consolidation up to the 0.86800 level. During the Asian session, we failed to move more concretely above, which could influence us to start a new pullback.

We are now under pressure to return to the previous support zone. Potential lower targets are 0.86500 and 0.86400 levels. For a bullish option, we need a jump above the 0.86800 level. Then, we would have to hold above that zone if we plan to continue the recovery. Potential higher targets are 0.86900 and 0.87000 levels.

USDJPY chart analysis

Yesterday, we saw the USDJPY fall to a five-month low at 140.95. The pair managed to hold above, and since then, we have been in a sideways consolidation in the 141.30-142.50 range. During the Asian session, we tried to move above, but it ended in failure. A pullback followed, and the pressure is now on the lower support level. With a breakout below, we would form a new low and confirm the bearish presence.

Potential lower targets are 141.00 and 140.50 levels. We need to go back to testing the 142.50 level for a bullish option. Then, we need to move above and try to stay up there. With a new bullish impulse, we would start a further recovery on the bullish side. Potential higher targets are 143.00 and 143.50 levels.

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