USDCHF and USDJPY: USDJPY is holding above 147.00 level

• Pair USDCHF this week was in a bullish consolidation up to 0.89450 level.
• On Thursday, we saw the formation of a new high at the 147.87 level.

USDCHF chart analysis

Pair USDCHF this week was in a bullish consolidation up to 0.89450 level. After that, we see a pullback to the 0.89000 level and get new support there. We see the beginning of another bullish consolidation, and the pair moves up to the 0.89200 level. If this kind of consolidation continues, we could soon test the previous high. Potential higher targets are 0.89500 and 0.89600 levels.

We need a negative consolidation and pullback of USDCHF below the 0.89000 level for a bearish option. A break below this support could mean that the dollar is weakening, and therefore, the pair should slide to lower support levels. Potential lower targets are 0.88800 and 0.88600 levels.

USDJPY chart analysis

On Thursday, we saw the formation of a new high at the 147.87 level. This is where we encounter resistance and see a pullback to 146.60 levels this morning. The pair manages to get support at that level and starts with a new positive consolidation. We are now at the 147.38 level, and we could expect to see a move above 147.50 and a continuation to higher levels. Potential higher targets are 148.00 and 148.25 levels.

We need a negative consolidation and a new pullback below the 147.00 level for a bearish option. After that, the pair would be under increased pressure to continue on the bearish side. A break below the 146.60 level and the EMA50 moving average would only worsen the picture for USDJPY. Potential lower targets are 146.25 and 146.00 levels.

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