(Last Updated June 10, 2021 7:18 GMT)
Currently, CHFJPY’s rate is down -370 pips (-0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 is up 30 pips (0.25%) since the day prior (opening today near 122.364), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, CHFJPY ranked 5th the day prior in terms of percentage price change. Below is a price chart of CHFJPY.
CHFJPY Technical Analysis
Coming into today the current price of CHFJPY is sitting close to its 20 and 50 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CHFJPY, with 6 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 6, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Hello everyone, if you like the idea, do not forget to support with a like and follow.The following confluences have been observed and satisfied with the direction of market. Our trading plan is to bid at better price and hoping the market pick up our bid and move further with trend.The bidding plan should come with expiry date.D1/M55 (T.Cont.PB.AClim)1. (D1)(Y)(MUST) AutoClimate has statistic edge for moving up (Curr:2 / Std:4.54)2. (H4/H1)(Y)(MUST) UFO is not within whitespace3. (M55)(Y)(MUST) UFO area is not DBR or RBD4. (M55)(Y)(MUST) EMA200/100/55 should align with EMA9 Daily5. (M55)(Y)(MUST) EMA9 Daily inside UFO areaD1/M55CHFJPY BUY @ 121.921SL 121.623 (29.8)TP 122.548 (62.7)CANCEL WHEN D1 autoclimate reset countingCANCEL WHEN EMA200 & EMA9-daily has exceeded too wide with UFOTrading plan become invalid if one of below condition appear1. The price goes further down, causing the EMA200 & EMA9-daily has exceeded too wide with UFO.2. Another potential UFO has appeared and align with EMA200 & EMA9-daily3. Autoclimate at D1/W1 has reset countingDisclaimer Notice !!!The plan that shared here are not 100% confirm winning trade. There is no such thing as “always win” strategy. There will be a time we will face losing in rows. We are not pursuing high winning rate here. With good money management, we can be consistent profit in the long run. Any trades you decide to take are your own. The trades shared here are for educational/informational purposes only and are Mulchen’s personal trades.Good luck!~Mulchen, CISSP