CHF/JPY Down 1 Pips On Hourly Chart, Breaks Below 20 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 8, 2021 1:45 GMT)

Currently, CHFJPY’s rate is down -130 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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)

The back and forth price flow continues for CHFJPY, which started today off at 119.941, down 8 pips 0.06% from yesterday. Out of the 39 instruments in the Forex asset class, CHFJPY ended up ranking 26th for the day in terms of price change. The price chart of CHFJPY below illustrates.

CHFJPY

CHFJPY Technical Analysis

First things first: CHFJPY crossed below its 20 day moving average yesterday. 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 20 day average, which is 1.7 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days CHFJPY’s price has gone up 15 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.