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Home ANALYSIS

CHFJPY is the biggest mover today

A.R Chowdhury by A.R Chowdhury
April 11, 2022
Reading Time: 8 mins read
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CHFJPY is the biggest mover today

USDJPY

The CHFJPY is the biggest mover in trading today with a gain of 1.41% on the day.

The USDJPY contributed to the gains with a sharp move higher that moved to a topside resistance target in the process (see earlier post and the chart above). The price also tested 2015 highs.

Meanwhile, the USDCHF moved below its 100 hour MA earlier in the North American session (blue line in the chart beloq), and then a swing area at 0.9316 to 0.9319 (see chart below). The break below each, opened the door for further selling (see earlier post here)

USDCHF

USDCHF fell below its 100 hour MA

The combination of the  USDJPY 
USD/JPY

The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen.  The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting in an extremely liquid pair, and very tight spreads, often staying within the 0 pip to 2 pip spread range on most forex brokers. Although the range of the USD/JPY isn’t traditionally particularly high, the lack of large price action often associated with other JPY pairs does make it easier to trade.This is especially true for short-term traders, although without offering a great pip potential. Even though the USD/JPY is the world’s second most traded pair, it’s not as popular as one might think with regards to retail traders.The pair carries a reputation as “boring”, although this isn’t an entirely accurate reflection. Trading the USD/JPYThe JPY is highly regarded as a safe haven currency, with investors often increasing their exposure following periods of uncertainty or market-induced fallouts.As both the US and Japan are highly developed economies, there are several key factors affecting the value of either currencies. This includes a range of economic indicators such as gross domestic product (GDP) growth, inflation, interest rates and unemployment data. Monetary policy by the US Federal Reserve and Bank of Japan are also large determinants in the value of each currency.

The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen.  The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting in an extremely liquid pair, and very tight spreads, often staying within the 0 pip to 2 pip spread range on most forex brokers. Although the range of the USD/JPY isn’t traditionally particularly high, the lack of large price action often associated with other JPY pairs does make it easier to trade.This is especially true for short-term traders, although without offering a great pip potential. Even though the USD/JPY is the world’s second most traded pair, it’s not as popular as one might think with regards to retail traders.The pair carries a reputation as “boring”, although this isn’t an entirely accurate reflection. Trading the USD/JPYThe JPY is highly regarded as a safe haven currency, with investors often increasing their exposure following periods of uncertainty or market-induced fallouts.As both the US and Japan are highly developed economies, there are several key factors affecting the value of either currencies. This includes a range of economic indicators such as gross domestic product (GDP) growth, inflation, interest rates and unemployment data. Monetary policy by the US Federal Reserve and Bank of Japan are also large determinants in the value of each currency.
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rising and the USDCHF falling is the recipe for a sharp move in the CHFJPY to the upside (up 1.41%).

Looking the hourly chart of the  CHFJPY 
CHF/JPY

The CHF/JPY is the currency pair encompassing Swiss franc of Switzerland (code CHF), and the Japanese yen of Japan (symbol ¥, code JPY).  The pair’s rate indicates how many Japanese yen are needed in order to purchase one Swiss franc. For example, when the CHF/JPY is trading at 125.00, it means 1 Swiss franc is equivalent to 125 Japanese yen.The Swiss Franc (CHF) is the world’s sixth most traded currency, whilst the Japanese yen is the world’s third most traded currency. Having said that, there isn’t a great deal of trade between these two countries. On average the cross possesses rather small spreads ranging from 2 and 4 pips at most forex brokers.For this reason, the cross lacks broader appeal to many foreign exchange traders. However, there is enough movement for speculation, since price often ranges daily between 70 and 130 pips. How to Trade the CHF/JPYThe nature of the Swiss and Japanese economies might seem different from the outset, but actually have some key resemblances. Both countries, geographically speaking are relatively small, thus don’t possess the natural resources that a Canada or an Australia might have. Instead, both countries focus their economic efforts on trade and industry.  There are several key economic releases for the CHF/JPY cross, including Producer Price Index (PPI) for Switzerland, which measures a percentage change in the price of goods and raw materials purchased by manufacturers.With trade central to its economy, any measures regarding either imported and exported goods and services in Japan are also noteworthy.

The CHF/JPY is the currency pair encompassing Swiss franc of Switzerland (code CHF), and the Japanese yen of Japan (symbol ¥, code JPY).  The pair’s rate indicates how many Japanese yen are needed in order to purchase one Swiss franc. For example, when the CHF/JPY is trading at 125.00, it means 1 Swiss franc is equivalent to 125 Japanese yen.The Swiss Franc (CHF) is the world’s sixth most traded currency, whilst the Japanese yen is the world’s third most traded currency. Having said that, there isn’t a great deal of trade between these two countries. On average the cross possesses rather small spreads ranging from 2 and 4 pips at most forex brokers.For this reason, the cross lacks broader appeal to many foreign exchange traders. However, there is enough movement for speculation, since price often ranges daily between 70 and 130 pips. How to Trade the CHF/JPYThe nature of the Swiss and Japanese economies might seem different from the outset, but actually have some key resemblances. Both countries, geographically speaking are relatively small, thus don’t possess the natural resources that a Canada or an Australia might have. Instead, both countries focus their economic efforts on trade and industry.  There are several key economic releases for the CHF/JPY cross, including Producer Price Index (PPI) for Switzerland, which measures a percentage change in the price of goods and raw materials purchased by manufacturers.With trade central to its economy, any measures regarding either imported and exported goods and services in Japan are also noteworthy.
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, the pair also got help from some favorable/bullish technicals.

Looking at the chart below, the lows from Thursday and Friday of last week both bottomed just above the risk defining 200 hour MAs (green lines). The willing buyers were a positive, and the buyers moved the price higher on Friday. The price moved up to retest the high from Wednesday at 133.281 before settling a little lower into the close.

IN trading today, after a brief dip at the open that held above the rising 100 hour MA (blue line), the price first tested the aforementioned highs from Wednesday/Friday at 133.28, and then pushed above that level to the swing high from March 28 at 1.33549 (high of the yellow area in the chart below).

After another brief pause at the swing area (between 133.26 and 133.549), the yellow area was broken, and the price has been trending to the upside since (see yellow area in the chart below).

CHFJPY

CHFJPY races higher today

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What now?

Taking a broader look at the weekly chart, the price’s run higher was also able to extend above the June 2015 high at 134.60. The high reached 134.89 and currently trades at 134.80.

A move below 134.60 would be a short term disappointment for buyers on the break back below (may be an exhaustive peak).

That bearish tilt would be increased if the price were to move below 134.26 and then work it’s way toward the swing area breakout on the hourly chart between 133.28 and 133.549.

Ultimately, a break below that area would be required to hurt the buyers, and have them thinking the upside peak has been reached. It would also give sellers more confidence of the same dynamic.

Absent that type of move, however, and the buyers remain in full control.

CHFJPY

CHFJPY moved above June 2015 highs.
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A.R Chowdhury

A.R Chowdhury

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