CHF/JPY Technical Analysis

The 170.25 area, which is slightly above both the 170.00 psychological barrier for the pair and the R2 (169.90) Pivot Point line, is where CHF/JPY is currently holding out.

Technical Analysis
2024年4月10日

The 170.25 area, which is slightly above both the 170.00 psychological barrier for the pair and the R2 (169.90) Pivot Point line, is where CHF/JPY is currently holding out.

How far can the CHF/JPY pair go before the bears intervene? Japanese officials, including Chief Cabinet Secretary Hayashi and Finance Minister Shun'ichi Suzuki, issued a warning earlier today stating that they are "closely monitoring FX moves with urgency." JPY bears can be discouraged from expanding their positions by threats of intervention!

We can see CHF/JPY retest lower areas of interest if it breaks below its consolidation and regularly trades below the R2 and 200 SMA support in the 4-hour chart.

The psychological level of 169.00 may attract bears in CHF/JPY, but if there is a fundamental catalyst to the downswing, the pair may potentially approach its prior lows of 167.10.

The previous high of 171.50 may be of interest to short-term traders as a possible profit goal if CHF/JPY manages to continue its upward trend. Additionally, bulls in CHF/JPY may price in a possible move to fresh 2024 highs for the pair if an upside breakout from the current consolidation is supported by a fundamental catalyst.

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Robert Thompson

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