CHFJPY Down 3 Pips in Last Hour, in an Uptrend Over Past 90 Days; Eyes 20 Day Average

Hourly Update

(Last Updated June 7, 2021 3:17 GMT)

At the moment, CHFJPY’s rate is down -270 pips (-0.02%) from the hour prior. This is the 2nd straight hour CHFJPY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 121.84, down 19 pips 0.15% from the previous day. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 23rd in terms of percentage change since the previous day. Below is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Notably, CHFJPY is now close to its 20 and 50 day averages, located at 121.4107 and 119.636 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 90 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.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CHFJPY; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Pair Name : CHF/JPYTime Frame : 1 analysis / 4hr’Scale Type : Large Scale Analysis Way : Volume + Classic + High & low + Market Map Key Technical / Reason’s Long ——————————— DescriptionThe price now broke a very important level at 121.700, this level contains several reasons for sellingThe first reason is a sub-trend area that was broken at the current price, and also the tops are lower than the topsThe second reason is that the price rebounded from a downtrend on the weekly time frame, and this supports the bearish theoryThe third reason is that the price also bounced back from the major counter trend, and this supports the further declineThe fourth reason: the price broke a high liquidity area on the volume profile, which supports more selling liquidityThe fifth reason. The price broke the weekly low and the daily low, and a strong price action model was made on the daily and weekly time frame