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The past 3-4 weeks have brought a lot of volatility in the FX markets.
The general trend has been a run to buy on the US dollar.
However, other safe-haven currencies notably the JPY & the CHF are finding buyers compared to other majors.
The Swiss franc has long been a favored currency to acquire at times like this. However, when the stocks are on a rocking boat as they are now, JPY tends to do better than most.
Hence, it’s no surprise that the JPY has found strength as the next best performer after the US dollar.
The daily chart above is as simple as it can be. It cuts through the noise and only highlights a channel where the current price action, in general, could take place, until a break to either side is achieved.
The blue channel is in play. The black line in between serves as the support it needs to break and close under, to test the lower mark of the channel.
It is normal that price gets to retest the breakout region, and then starts to head back in the direction of the brea...
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