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CHF-JPY Uptrend Continues as Key Resistance Turns Support
Summary:
The CHF-JPY currency pair has been making headlines as it maintains a strong uptrend. Recently, the pair broke through a significant resistance level of 153.395, which has now become a key support level.
CLOSED
153.500
ENTRY
156.500
TGT
152.500
SL
174.636 -0.741 -0.42%
1000
Points
Loss
152.500
SL
152.469
CLOSING
153.500
ENTRY
156.500
TGT
The CHF-JPY currency pair has been making headlines as it maintains a strong uptrend. Recently, the pair broke through a significant resistance level of 153.395, which has now become a key support level. This breakout has confirmed the bullish sentiment, leading to further upward movement. Additionally, the weakness of the Japanese yen against the US dollar has contributed to this trend, thanks to the divergent monetary policies pursued by the United States and Japan. In this article, we will delve into the factors driving the CHF-JPY uptrend and analyze the recent inflationary pressures in Japan.
CHF-JPY Uptrend and Breakout Confirmation
The CHF-JPY currency pair has been experiencing an uptrend, indicating that the value of the Swiss franc (CHF) is appreciating against the Japanese yen (JPY). A significant development in this uptrend was the pair's breakthrough of the key resistance level at 153.395. Once a resistance level is surpassed, it typically transforms into a support level, acting as a foundation for further upward movement. As such, the breakout confirms the continuation of the bullish trend in CHF-JPY.
Divergence in US and Japanese Monetary Policies
One of the fundamental factors behind the CHF-JPY uptrend is the divergence between the monetary policies of the United States and Japan. While the US Federal Reserve has been pursuing a tightening monetary policy, gradually raising interest rates, the Bank of Japan has maintained its key short-term interest rate at -0.1%. This disparity has weakened the Japanese yen against the US dollar, contributing to the strength of the CHF-JPY pair.
Inflationary Pressures in Japan
Despite the Bank of Japan's persistent negative interest rate, inflationary pressures in Japan have unexpectedly intensified. The headline inflation rate surged to 3.5% in April, surpassing expectations of a slowdown to 2.5%. Moreover, the core inflation rate reached a three-month high of 3.4%. These figures indicate an acceleration in price levels, posing challenges for the Japanese economy. However, despite these pressures, the Bank of Japan has refrained from adjusting its monetary policy, opting to maintain the status quo.
The CHF-JPY currency pair has embarked on a notable uptrend, marked by the successful breakout of a key resistance level, which has now turned into a support level. This breakout confirmation signals the likelihood of further bullish continuation for the pair. The weakening of the Japanese yen against the US dollar, driven by the divergence in monetary policies between the United States and Japan, has played a significant role in fueling the uptrend. Additionally, the unexpected acceleration in inflationary pressures in Japan poses challenges for its economy, but the Bank of Japan has refrained from adjusting its monetary policy thus far. As traders and investors continue to monitor these developments, the CHF-JPY pair remains an area of interest in the forex market.
TRADE RECOMMENDATION
BUY CHFJPY
ENTRY PRICE : 153.500
STOPLOSS ; 152.500
TAKE PROFIT : 156.500
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