CHF/JPY is coiling up into an ever tightening triangle position. This pattern that gets less volatile as it goes towards the tip of the pattern will burst out into a highly volatile move to one side of the tip of the triangle shortly. When it does, it could easily move 200-250 pips from the point of breakout over the upcoming days.
It will likely break out in the next few trading days.
CHF and JPY both have profited greatly over the recent risk aversion in the market. However, they are like two runners that are neck and neck in the race right now. Shortly we'll see which one wins this round.
Fron this one could directly trade this pair OR it can tell them whether to trade EUR/CHF or EUR/JPY.....or USD/CHF or USD/JPY. If you were a buyer of a pair, you'd want the weaker of those two (CHF or JPY). If you were a seller (selling short) of the pair, then you'd want the strongest one of them to trade against the one you shorted. So you can see there are many benefits to directly comparing currency pairs to each other. It helps you to know which one has the best odds of success and which one may reap the most in number of pips.
See the CHF/JPY daily chart's triangle pattern below. Click to enlarge. 
Sean Hyman
Currency Director, The Sovereign Society
Editor/Trader, www.money-trader.com
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