Macro funds started dumping USD/CHF immediately after yesterday’s FOMC and this heavy supply hasn’t really let up since. JPY bears have returned in force with risk-on the obvious mantra. The market is already short of Yen but may have a long way to go before it gets to extreme levels.
CHF/JPY took out consolidation highs near 107.25 and spike highs near 108.70 (see chart). I don’t know what’s behind this move and won’t touch it until I find out.
Good luck today and TGIF.