All of a sudden, the Swiss franc and the Japanese yen look like two currencies at the opposite end of the spectrum. How quickly the tables have turned.
With the SNB surprising with a policy pivot this week, a rather hawkish one at that, and the BOJ sticking to maintaining easy policy, we're seeing CHF/JPY look to establish a strong breakout in the next leg higher.
The jump in the past two days have seen the pair push past the January 2015 high (during the whole fiasco with the SNB and EUR/CHF floor) and is now trading above 139.00 to its highest since 1980.
It's all about policy divergence for the pair right now and the fact that markets were not prepared for such a significant step by the SNB this week makes a strong case for the franc to strengthen further - not just against the yen.
As such, it sure is looking like sunny skies for CHF/JPY on the way up.