Mexican peso/yen is being discussed as potentially forming a double top, with signs of a turn toward a stronger yen. Swiss franc/yen has also broken below the range formed during its uptrend, and the move toward a stronger yen is spreading across cross-yen pairs.
Mexican peso/yen rose sharply from the ¥4 range in 2020 to above ¥9. The wide policy-rate differential became a buying incentive, attracting strong interest from retail investors.
Mexican peso/yen fell during the sharp drop in US dollar/yen in July 2024, but the uptrend resumed in 2025. The pair formed a bearish candlestick in September, suggesting that the previous rising market may be approaching a turning point.
Meanwhile, as US dollar/yen maintained a persistent trend toward a weaker yen even after the coordinated intervention at the end of July, Mexican peso/yen was seen moving toward a stronger yen, raising signs of a shift toward yen appreciation across cross-yen pairs.
Swiss franc/yen was around ¥110 in 2020, but subsequently rose to above ¥200. The rise in gold prices and demand for the currency as a safe-haven asset are cited as factors.
After the rise in gold prices levelled off in the first half of 2026, Swiss franc/yen traded in the ¥198–¥204 range before moving below the range following the intervention at the end of July.