USDCHF and USDJPY: USDJPY is consolidating around 148.00

USDCHF chart analysis

The start of this week is rather quiet for USDCHF. We basically continued the sideways movement from Friday in the 0.86700-0.87000 range. There is currently more pressure on the lower level of this consolidation, and if it continues, a breakout below could easily occur. Potential lower targets are 0.86600 and 0.86400 levels. After a two-week strong bullish trend, the EMA200 movement remained low around the 0.86200 level.

We need a positive consolidation and a new test of the 0.87000 resistance level for a bullish option. We expect to see a break above and a continuation to the bullish side. Potential higher targets are 0.87200 and 0.87400 levels.

USDJPY chart analysis

During the Asian trading session, USDJPY hovered around the 148.00 level. We are in a two-day lateral consolidation that stopped the previous bullish trend that lasted since the beginning of the year. Now, it could easily happen that we are looking at a pullback of the USDJPY to a new support level this week. The pair found support at the EMA200 moving average in the previous two pullbacks.

Potential lower targets are 147.50 and 147.00 levels. This time, the EMA200 is around 146.75 levels. We need positive consolidation and a move above the 184.40 level for a bullish option. In this way, we would start the recovery, and we would be able to test the previous high at the 148.80 level. Potential higher targets are 149.00 and 149.50 levels.

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