CHF/JPY represents monetary policy

Note: This section contains information in English only.
Source: Dukascopy Bank SA


In general, the broad picture of the CHF/JPY is simple. The Swiss ended their ultra easy, negative rate etc.. monetary policy, but the Bank of Japan continued on and only now there has been talk of a change in Japan. The different policies are represented by the large scale channel up pattern that has guided the rate up for two years.

However, most recently the pair hit the upper trend line of the channel and the 170.00 mark. Moreover, rumours appeared that the BoJ could end its monetary easing. The combination of these two caused a decline of the pair below the 50-day simple moving average down to the 200-day SMA near 161.90.

A move of the Swiss Franc higher against the Yen could be slowed down by the 50-day SMA, the 170.00 mark and afterwards the upper trend line of the channel pattern.

On the other hand, a potential decline is expected to look for support in the 200-day SMA and the 158.73/160.15 zone, before approaching the lower trend line of the channel.
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