(Last Updated November 23, 2021 1:39 GMT)
At the moment, CHFJPY’s rate is down -60 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CHFJPY has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CHFJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
CHFJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CHFJPY entered today at 123.083, up 34 pips (0.28%) from yesterday. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 17th in terms of percentage change since yesterday. The price chart of CHFJPY below illustrates.
CHFJPY Technical Analysis
The first thing we should note is that the current price of CHFJPY 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. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on CHFJPY, with 6 buy signals on our radar and 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Chfjpy is a long or buy for smart money 4 hours it breaks the small last LH an back MC for this time it is buy or long