USDCHF and USDJPY: USDJPY managed to break above 150.00

• Pair USDCHF was this week in bullish consolidation from 0.88880 level to 0.90119 level.
• Yesterday, we saw the formation of a new high USDJPY at the 150.77 level.

USDCHF chart analysis

Pair USDCHF was this week in bullish consolidation from 0.88880 level to 0.90119 level. Yesterday, we had an attempt by a bearish impulse to break below the EMA50 moving average, but we managed to hold above and start a new bullish consolidation that took us above the 0.90000 level.

We are now consolidating in that zone and can expect to continue further correction above the 0.90000 level. Potential higher targets are 0.90200 and 0.90300 levels. We need a negative consolidation and pullback below the 0.89800 level for a bearish option.

After that, we could again look for support in the EMA50 moving average. A break below would only strengthen the bearish pressure that would continue to drag USDCHF to lower levels. Potential lower targets are 0.89700 and 0.89600 levels.

USDJPY chart analysis

Yesterday, we saw the formation of a new high USDJPY at the 150.77 level. This was followed by a pullback and bearish consolidation up to 150.39 levels. During the previous Asian trading session, the pair managed to hold above 150.30, but too much bearish pressure later caused us to see a drop below and a descent to the 150.00 level.

The price from the opening of this week’s market was at the 149.87 level, and if we break below that, it could mean a deeper retreat in the coming period. Potential lower targets are 149.80 and 149.70 levels. We need a positive consolidation and a return above the 150.40 level for a bullish option.

Then, we would have to hold up there in order to initiate a continuation of positive consolidation from there. Potential higher targets are 150.60 and 150.70 levels.