After hitting a record high, the CHF/JPY pair reversed course and fell; all eyes are now on its ability to rebound

After hitting a record high, the CHF/JPY pair has reversed course and fallen; all eyes are on its ability to rebound

22.09.2025

Last weekend, the U.S. dollar saw a seesaw battle against the yen. The USD/JPY pair began to decline ahead of the Bank of Japan’s monetary policy meeting.It fell as low as 147.205. However, the dollar recovered during U.S. trading hours, eventually rising to 148.286. On the 4-hour chart, the 200-day SMA is acting as a support level, causing prices to rebound, while on the daily chart, the pair is currently attempting to break above the 200-day SMA at the upper boundary of the range that has been in place since last month.

Among European currencies, the Swiss franc weakened against the yen. The CHF/JPY pair fell from 186.816 to 185.758. On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the price has broken below the 20-period MA, which had previously provided support, and on the daily chart, the pair is currently pulling back from its all-time high. We will be watching closely to see if the Swiss franc continues to weaken against the yen at the start of the week.

Today’s key events include remarks by RBA Governor Block at 10:00, Canadian industrial production and the Canadian raw materials price index at 21:30, the Chicago Fed National Activity Index, and remarks by MPC member Pill at 21:30, remarks by NY Fed President Williams at 22:45, the Eurozone consumer confidence index at 23:00, and remarks by Fed Governor Musalem atSt. Louis Fed President, at 1:00 AM: German Bundesbank President Nagel’s remarks, and at 2:00 AM: U.S. Federal Reserve Governor Milan’s remarks. After hitting a record high and then reversing course to fall, we will be watching for a rebound in the CHF/JPY pair.