The Bank of Japan met this week and failed to signal a clear end to their negative interest rate policy. This allowed the JPY to weaken and lifted the JPY crosses higher. However, the big picture has not changed! The Bank of Japan is still expected to end negative interest rates around the spring of 2024, so that should mean any moves lower in the JPY find dip buyers.

Now the SNB have moved to a more neutral stance so the CHFJPY pair could find itself heading for some falls to start the year in line with it’s seasonal bias for weakness.

The major trade risk here is that the BoJ & SNB’s monetary policy diverge from current expectations.

Remember, don’t just trade it Seasonax It!