CHF/JPY Down 18 Pips On 4 Hour Chart, 3 Day Up Streak Snapped; in an Uptrend Over Past 14 Days

CHF/JPY 4 Hour Price Update

Updated August 03, 2020 05:09 AM GMT (01:09 AM EST)

CHF/JPY entered the current 4 hour candle at 115.671, down 18 pips (0.16%) from the previous 4 hours. Out of the 37 instruments in the Forex asset class, CHF/JPY ended up ranking 35th for the four-hour candle in terms of price change.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY, which opened today priced near 115.767, is down 3 pips 0.03% since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 31st in terms of percentage change since yesterday. Here is a price chart of CHF/JPY.

CHF/JPY

CHF/JPY Technical Analysis

The first thing we should note is that CHF/JPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days CHF/JPY’s price has gone up 10 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 9 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of flag, head and shoulders and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

chfjpy short, wait the trendline and will be i.n big drop