USDCHF and USDJPY: USDJPY is close to reaching 142.50

• During the Asian trading session, USDCHF found support at the 0.87400 level and rose all the way to the 0.87680 level.
• During the Asian trading session, USDJPY gains support at the 141.50 level.

USDCHF chart analysis

During the Asian trading session, USDCHF found support at the 0.87400 level and rose all the way to the 0.87680 level. We are now very close to testing the previous high at the 0.87800 level. With a break above, we would form a new high, which we would consider a positive sign to continue on the bullish side. Potential higher targets are 0.87900 and 0.88000 levels.

For a bearish option, we need another negative consolidation and pullback to this morning’s support level at 0.87400 for a bearish option. A break below would indicate the potential for further USDCHF declines. Potential lower targets are 0.87200 and 0.87000 levels. Additional support could be found in the EMA50 moving average around the 0.87250 level.

USDJPY chart analysis

During the Asian trading session, USDJPY gains support at the 141.50 level. After that, we see bullish consolidation and growth above the 142.00 level. We also get support in the EMA50 moving average and climb up to the 142.40 level. Today’s picture tells us that we could also see a move above the 142.50 level. Depending on the bullish impulse, USDJPY could reach the 143.00 level.

We need a negative consolidation and pullback below the 142.00 level and the EMA50 moving average for a bearish option. Below that, we would slowly come under greater bearish pressure, which would push the USDJPY to lower levels. Potential lower targets are 141.50 and 141.00 levels.