CHFJPY: A bigger bearish wave could happen

CHFJPY: A bigger bearish wave could happen

After the meeting today from Japan's top currency diplomat Kanda commented:
Recent yen moves are not reflecting fundamentals
Speculative moves are behind recent yen movement
Does not consider a 4% move in a span of 2 weeks as being a "mild" move
Closely watching FX moves with a high sense of urgency
Will not rule out any steps to respond to "disorderly" FX moves

All these new comments indicate that the BOJ is already in panic mode given that the market has not reacted to the interest rate hike.

JPY weakness turned out to be only market speculation, but it looks like the BOJ will also have to show its teeth in order to support JPY strengthening more at this point.

You may find more details in the chart!
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