CHF/JPY continues higher

Source: Dukascopy Bank SA


The last review of the CHF/JPY was done in December 2023. In general, the article revealed that the rate's movements will be impacted by monetary policy, but the broader trend is aimed upwards. Moreover, the pair trades in a broad channel up pattern.

In July, the rate bounced off the 180.00 mark and the upper trend line of the pattern, as the Bank of Japan started to tighten policy. This was followed by a decline to the support range near 165.00. By November, the rate had revealed a junior channel up pattern that was guiding the rate up to the 180.00 mark.

A move above 180.00 might result in the rate eventually testing the upper trend line of the large scale pattern near 190.00.

On the other hand, a decline of the rate would have to decline below the lower trend line of the pattern and the support of the 174.50/175.25 range. Further below, note the 50 and 200-day simple moving average near 172.00. If these levels fail, the lower trend line of the broader channel will come into play.
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