(Last Updated September 17, 2020 23:15 GMT)
Currently, CHFJPY’s rate is down 20 pips (0%) 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 20 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
CHFJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CHFJPY is down 28 pips (0.24%) since yesterday (opening today near 116.091), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, CHFJPY ranked 32nd yesterday in terms of percentage price change. The price chart of CHFJPY below illustrates.
CHFJPY Technical Analysis
Coming into today CHFJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days CHFJPY’s price has gone up 15 them.