Hawkish Swiss central bank to push CHFJPY higher?
As many central banks are nearing the end of their tightening cycle the CHF is one of the few still actively tightening as the Swiss central bank fights to bring inflation down to a comfortable level.
The BOJ in contrast haven't tightened at all during this tightening cycle with the chairman reiterating that there won't be a monetary policy shift and they are likely to remain dovish for the foreseeable future. This divergence in monetary policy gives me a bullish bias towards the pair and with retail traders 78% short on the pair this gives me an additional confluence to be long.
moving unto the technical analysis. Price has been on an overall uptrend and with the recent retracement to 150.200 a break above 151.700 would signal a break of downward structure and an opportunity for the overall trend to continue.
entry targets would be just above 151.700 and stoploss will be dependent on market structure leading up to that point.
The BOJ in contrast haven't tightened at all during this tightening cycle with the chairman reiterating that there won't be a monetary policy shift and they are likely to remain dovish for the foreseeable future. This divergence in monetary policy gives me a bullish bias towards the pair and with retail traders 78% short on the pair this gives me an additional confluence to be long.
moving unto the technical analysis. Price has been on an overall uptrend and with the recent retracement to 150.200 a break above 151.700 would signal a break of downward structure and an opportunity for the overall trend to continue.
entry targets would be just above 151.700 and stoploss will be dependent on market structure leading up to that point.
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