Should we be wary of a correction in the CHF/JPY pair, which surged to near this year’s highs?

Should we be wary of a correction in the CHF/JPY pair, which surged to near this year’s highs?

23.02.2024

In the previous day’s U.S. currency trading, the U.S. dollar rose against the yen. The USD/JPY pair climbed, aided by conditions where the Japanese yen was heavily sold. It rose from 150.019 to 150.688, approaching this month’s high of 150.885.On the daily chart, the 10-day moving average (10MA) is acting as a support line, and the gradual upward trend continues. Since there are no signs of a sharp increase in volatility, we should keep an eye on the potential for further gains during U.S. trading hours.

Among European currencies, the Swiss franc—which had been the strongest currency the day before yesterday—lost momentum against the yen, forming a bullish candle with an upper shadow on the daily chart. The CHF/JPY pair touched 171.695 before plummeting. It continued to decline from European to U.S. trading hours, finding support at the 75-period moving average on the hourly chart.During today’s Asian session, the pair is being capped at the 20-period moving average in the high 170s, so we should remain cautious regarding price movements during European trading hours.

Today’s economic indicators include New Zealand retail sales at 6:45, the UK GfK Consumer Confidence Index at 9:01, remarks by Fed Governor Waller at 9:35, China’s new home sales prices at 10:30, Malaysia’s Consumer Price Index at 13:00, Singapore’s Consumer Price Index at 14:00, Turkey’s capacity utilization rate at 16:00,Turkey’s Economic Sentiment Index, Germany’s Real GDP, remarks by UK MPC member Green at 5:00 PM, Germany’s IFO Business Climate Index at 6:00 PM, and remarks by German Bundesbank President Nagel at 7:00 PM. We should remain highly vigilant regarding price movements as the CHF/JPY pair corrects from its surge near this year’s highs.

Past Market Reports

1. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 15.04.2026New

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

5. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 13.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 10.04.2026

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

8. 09.04.2026

   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. 08.04.2026

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

10. 07.04.2026

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