CHFJPY Down 2 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Sentiment Strongly Favors Buyers

Hourly Update

(Last Updated January 7, 2021 2:17 GMT)

Currently, CHFJPY’s rate is down -180 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

CHFJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of CHFJPY continues; to start today, it came in at a price of 117.221, up 33 pips (0.28%) since the previous day. Relative to other instruments in the Forex asset class, CHFJPY ranked 15th the previous day in terms of percentage price change. The price chart of CHFJPY below illustrates.

CHFJPY

CHFJPY Technical Analysis

Coming into today the current price of CHFJPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for CHFJPY 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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 16 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 4 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.