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Phenol_fx
Nov 22, 2023 7:29 AM

CHFJPY decline Short

CHF/JPYOANDA

Description

The BoJ meets next week. Governor Ueda last week signalled no change in policy. The cross is technically stretched so a correction could be overdue. However, it is difficult to envisage a sustainable turnaround until the BoJ raises rates, abandons YCC or the SNB sells Swiss Franc. Neither of the three scenarios looks plausible in the near term.

BoJ intervention last year in OANDA:CHFJPY largely passed OANDA:CHFJPY so we should not overplay downside if the central bank decides to sell USD above 150.

🔽SELL CHFJPY zone 168.550 - 168.700

SL : 169.100

TP 1 : 168.200
TP 2 : 167.900
TP 3 : 167.600

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