(Last Updated June 9, 2021 20:18 GMT)
At the moment, CHFJPY’s rate is down -310 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. Price action traders may also wish to note that we see a doji candlestick pattern on CHFJPY. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)
The back and forth price flow continues for CHFJPY, which started today off at 122.06, up 33 pips 0.27% from the day prior. Relative to other instruments in the Forex asset class, CHFJPY ranked 2nd the day prior in terms of percentage price change. Below is a price chart of CHFJPY.
CHFJPY Technical Analysis
Coming into today CHFJPY is now close to its 20 and 50 day averages, located at 121.5461 and 119.8294 respectively, and thus may be at a key juncture along those timeframes. 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 8 out of the past 14 days.