CHFJPY Chart Technical Outlook falls on BoJ hawkish talks and dovish SNB
CHF/JPY has printed a distribution phase (reversal) and broke lower. The divergence between what is expected from BoJ and SNB fueled the sell-off. Hawkish talks from Japanese officials and upside pressure on prices and wages support JPY. Subdued inflation in Switzerland weighs on CHF.
There is room for more losses toward the 50% Fibo retracement level at 167.00. If broken, 165.90 would be the mid-term target. Resistances are located at 169.00 and 170.10.
