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1 Nov 2013
CHF/JPY falls apart as Nikkei declines by over 1%
FXstreet.com (Athens) – The CHF/JPY has been heading south since the early start of the Asian trading session, as risk aversion sentiment coupled with Nikkei sharp losses led the Japanese currency to outperform across the board.
The CHF/JPY has been under severe pressure the last two days, as since the opening of the Thursday’s Wellington trading session (109.53) till now at the close of the Friday’s Asian trading session (107.83), has lost roughly 170 pips. The today’s decline can be highly attributed to the Nikkei decline over 1% which led the Japanese yen to outperform across the board, dragging the pair immensely lower. Ahead of we have Swiss PMI SVME release at 8.30 GMT, while the Japanese vehicle sales data show that “Abenomics” are on solid track. Briefly, the data showed that the vehicle sales rose 17.3% on a monthly basis much better than the +12.4% reading on September, thus, Japan witnessed the best reading in almost 15-month time.
Technical Aspects on the CHF/JPY
At the time of writing, the pair is trading at 107.86, down 0.53%. The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 107.73, 107.46, 107.19, and resistance at 109.02, 109.30 and 109.57, respectively. As long as the cross is well above the 50-daily EMA (107.78) as well as the 200-daily SMA (104.65), an uptrend momentum is still ‘on play.’ Still, the cross would probably need to overcome the handle as of the 20-EMA (108.59), which lies almost 100 pips above, in order to move further upwards near the 109.00 area.
The CHF/JPY has been under severe pressure the last two days, as since the opening of the Thursday’s Wellington trading session (109.53) till now at the close of the Friday’s Asian trading session (107.83), has lost roughly 170 pips. The today’s decline can be highly attributed to the Nikkei decline over 1% which led the Japanese yen to outperform across the board, dragging the pair immensely lower. Ahead of we have Swiss PMI SVME release at 8.30 GMT, while the Japanese vehicle sales data show that “Abenomics” are on solid track. Briefly, the data showed that the vehicle sales rose 17.3% on a monthly basis much better than the +12.4% reading on September, thus, Japan witnessed the best reading in almost 15-month time.
Technical Aspects on the CHF/JPY
At the time of writing, the pair is trading at 107.86, down 0.53%. The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 107.73, 107.46, 107.19, and resistance at 109.02, 109.30 and 109.57, respectively. As long as the cross is well above the 50-daily EMA (107.78) as well as the 200-daily SMA (104.65), an uptrend momentum is still ‘on play.’ Still, the cross would probably need to overcome the handle as of the 20-EMA (108.59), which lies almost 100 pips above, in order to move further upwards near the 109.00 area.