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After hitting an all-time high, the CHF/JPY pair reversed course and fell—will it show resilience?

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After hitting an all-time high, the CHF/JPY pair reversed course and fell—will it show resilience?

22.09.2025

Today's Highlights
  1. Milan, U.S.: Remarks by a Federal Reserve Board Member
  2. European Consumer Confidence Index

Last weekend, the U.S. dollar saw a seesaw movement 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 subsequently recovered during U.S. trading hours, eventually rising to 148.286. On the 4-hour chart, the 200-period 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-period SMA at the upper boundary of the range that has been in place since last month.

Among European currencies, the Swiss franc fell against the yen. The CHF/JPY pair dropped 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 served as support, and on the daily chart, the price is currently pulling back from its all-time high. We will need to watch for signs of whether the Swiss franc will continue to weaken against the yen at the start of the week.

Today’s economic indicators include remarks by RBA Governor Block at 10:00, Canada’s Industrial Production and Raw Materials Price Index at 21:30, the Chicago Fed National Activity Index at 21:30, remarks by MPC Member Pill at 21:30, and remarks by Williams, President of the New York Fed, at 22:45:remarks by NY Fed President Williams; at 23:00, the EU Consumer Confidence Index and remarks by US St. Louis Fed President Musalem; and at 25:00, remarks by German Bundesbank President Nagel and US Federal Reserve Governor Milan.After hitting a record high and then reversing course to fall, we’ll be watching for a rebound in the CHF/JPY pair.

桜井 慶介

Author: Keisuke Sakurai

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

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Will the Swiss franc, which has rebounded against the yen, hit a new high? Investors are keeping a close eye on price movements.
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