Risk-off phases are often characterised by safe-haven flows running towards CHF and/or JPY. Over the past two years, CHF has provided better upside judging by the way JPY/CHF performed during the period. But having observed the the tight range transition in JPY/CHF this past year, I'm beginning to sense a shift with JPY being the preferred safe-haven of choice. While I'm sure this shift is will transition gradually, the bullish JPY/CHF story should gain more traction in 2018 when market volatility comes back with more force.