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Should we keep an eye on the direction of the franc-yen pair, which has hit a 43-year high?

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Should we keep an eye on the direction of the franc-yen pair, which has hit a 43-year high?

02.05.2023

Today's Highlights
  1. Swiss Manufacturing PMI
  2. U.S. JOLTS Job Openings

U.S. currencies rose against the yen yesterday, even though the U.S. April PMI (Purchasing Managers' Index) released yesterday came in at 50.2—0.2 points below the market forecast of 50.4. The USD/JPY pair rose by approximately 1.4 yen, from 136.134 to 137.574, reaching the 137-yen level for the first time since March 8 of this year.Since USD/JPY is currently moving from the lower boundary to the upper boundary of its daily uptrend line, we will closely monitor whether the pair will reach the upper boundary of the trend line in the 139-yen range.

Among European currencies, the Swiss franc has been rising against the yen, with CHF/JPY touching 153.694. CHF/JPY has reached a 43-year high, and if it breaks above the 159 yen level, the upside will be unlimited.However, the daily RSI has already exceeded 70 and stands at 75.4, and the weekly RSI is showing divergence around the 70 level. We need to carefully assess whether the franc will continue to rise against the yen as expected.

Today, at 3:00 PM, UK Nationwide House Price Index and German Retail Sales,at 4:30 PM: Swiss Manufacturing PMI; at 5:30 PM: UK Manufacturing PMI; at 6:00 PM: Eurozone Consumer Price Index; at 8:20 PM: Remarks by RBA Governor Lowe; at 11:00 PM: US Factory Orders and US JOLTS Job Openings; and at 6:00 AM the following day: Release of the RBNZ Financial Stability Report.I intend to carefully monitor the direction of the CHF/JPY pair, which has reached a 43-year high.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has focused primarily on foreign exchange trading and also has experience as an investment advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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  4. 16.04.2026New

    Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

  5. 15.04.2026New

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  6. 14.04.2026

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  7. 13.04.2026

    Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

  8. 10.04.2026

    Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

  9. 09.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

  10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

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