CHF/JPY Down 0 Pips On 4 Hour Chart, Came Into Today Up For the 6th Day In A Row; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated March 25, 2020 01:42 PM GMT (09:42 AM EST)

The choppiness in the recent four-hour candle price action of CHF/JPY continues; to start the current 4 hour candle, it came in at a price of 113.519, down 0 pips (0%) since the previous 4 hours. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 20th in terms of percentage change since the previous 4 hours.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY is up 8 pips (0.07%) since yesterday (opening today near 113.366), marking the 6th day in a row it has gone up. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 20th in terms of percentage change since yesterday. Let’s take a look at price chart of CHF/JPY.

CHF/JPY Technical Analysis

Notably, CHF/JPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 91.6 pips away. Or to simplify this another way, note that out of the past 30 days CHF/JPY’s price has gone up 18 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 2 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

THIS IS MY PLAN FOR TRADING CHFJPY IN THE SHORT TERM. I EXPECT PRICE TO DO A BEARISH CORRECTION FOLLOWING THE BEARISH ENGULFING CANDLE THAT HAS FORMED RECENTLY ON THE CHART. THE ENTRY POINT IS A COLLECTIVE OF THE SUPPORT AND WELL RESPECTED TRENDLINE CROSSOVER. LETS SEE WHAT HAPPENS.