First things first: CHF/JPY crossed below its 50 day moving average yesterday. Volatility for CHF/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 18 out of the past 30 days.