USDCHF and USDJPY: USDJPY continues to fall below 148.50

During the Asian trading session, USDCHF continued to retreat below the 0.88500 level. During the Asian trading session, USDJPY failed to hold above the 149.60 level.

USDCHF chart analysis

During the Asian trading session, USDCHF continued to retreat below the 0.88500 level. A new November low was formed at the 0.88262 level. The pair remains under pressure in that zone, which would lead to a breakout below and the formation of a new USDCHF low. Potential lower targets are 0.88000 and 0.87800 levels.

For a bullish option, we need a positive consolidation and a return of USDCHF above the 0.88600 level. Then we would have to hold above there in order to form a new bottom there. After that, we can expect to start a bullish consolidation and start a further recovery. Potential higher targets are 0.88800 and 0.89000 levels.

USDJPY chart analysis

During the Asian trading session, USDJPY failed to hold above the 149.60 level. A breakout below followed, and a strong bearish impulse brought the pair down to 148.19 levels. We now see a stop to the decline and a slight recovery to the 148.40 level. If we manage to stay above, we will have the opportunity to start the USDJPY recovery and climb to higher levels.

Potential higher targets are 148.60 and 148.80 levels. We need a negative consolidation and a drop below the 148.20 support level for a bearish option. A break below leads to the formation of a new low, and thus, we get confirmation of the bearish option. Potential lower targets are 148.00 and 147.80 levels.

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