CHF/JPY 3 Day Up Streak Broken, in a Downtrend Over Past 14 Days; Eyes 50 Day Average

CHF/JPY Price Recap

A moment of silence, please, for the end of CHF/JPY’s 3 day up streak; price ended yesterday down 29 pips (-0.26%) to finish the day at a rate of rate of 111.721. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 77.37% from the day prior, but down 26.32% from the same day the week before. Relative to other instruments in the Forex asset class, CHF/JPY ranked 30th yesterday in terms of percentage price change. The price chart of CHF/JPY below illustrates.

CHF/JPY Technical Analysis

The first thing we should note is that the current price of CHF/JPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for CHF/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days CHF/JPY’s price has gone up 9 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 15 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of trendline and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CHF/JPY is forming triangle. wait for breakout 112.02 to go longplace buy stop order above 112.02stop loss at 111.66Target at 112.85RR 2:1