CHF/JPY Moves Lower

CHF/JPY is trading down this week as the pair moved from its high of 113.24 on July 17 to yesterday's low of 111.50. The pair is now gravitating towards the lowest point reached yesterday, currently trading at 111.64.

If bears continue to pressure the pair they may persuade the bulls to give up for a while until first support level on the short term is reached at 110.60. Second support is seen at 109.50.

On Tuesday next week the BoJ will hold a press conference and announce the updated monetary policy statement. The event will be anticipated by traders and thus it is very likely that CHF/JPY will be affected in either ways.

Chart: CHF/JPY H4