USDCHF and USDJPY: USDJPY forms a new June high at 142.00

• During the Asian trading session, USDCHF hovered around the 0.89400 level.
• The pair USDJPY is recording its new June high at 142.00 level. 

USDCHF chart analysis

During the Asian trading session, USDCHF hovered around the 0.89400 level. After which, we see a bullish impulse and a quick jump to the 0.89700 level. We are currently holding at that level and could see a further continuation to the bullish side.

We need a break above the 0.89800 level for a bullish option and a hold there. After that, we could expect to see growth and a climb to the 0.90000 level. We have additional resistance at that level in the EMA50 moving average. For a bearish option, we need a negative consolidation and a pullback below the support at the 0.89400 level. After that, the pair could revisit last week’s support zone at the 0.89000 level.

USDJPY chart analysis

The pair USDJPY is recording its new June high at 142.00 level. The yen continues to lag behind in terms of strength in the major basket of currencies. This could push the USDJPY pair above the 142.00 level. Potential higher targets are 142.50 and 143.00 levels.

For a bearish option, we need a negative consolidation and a drop to support at the 141.50 level. A break below would signify further weakening and a drop to the next support level. Potential lower targets are 141.00 and 140.50 levels.