CHF/JPY Down 9 Pips in Last 4 Hours, 2 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated May 14, 2020 09:06 AM GMT (05:06 AM EST)

CHF/JPY is down 9 pips (0.08%) since the previous 4 hours (opening the current 4 hour candle near 109.801), marking the 5th candle in a row a decrease has occurred. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 26th in terms of percentage change since the previous 4 hours.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY entered today at 110.07, down 0 pips (0%) from the previous day. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 29th in terms of percentage change since the previous day. Below is a price chart of CHF/JPY.

CHF/JPY Technical Analysis

Coming into today CHF/JPY is now close to its 20, 50, 100 and 200 day averages, located at 110.1371, 111.2399, 111.873 and 111.0524 respectively, and thus may be at a key juncture along those timeframes. 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 6.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days CHF/JPY’s price has gone down 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 0 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CHFJPY bounced in the daily TF off of a falling trendline. Price is now establishing a Head and Shoulder in H1 timeframe. We may see more bearish drives at least in H1 time frame. https://www.tradingview.com/x/VgPxfetu/