CHF/JPY Down 14 Pips in Last 4 Hours, Moves Up For the 5th Day In A Row; Price Base in Formation Over Past 14 Days

CHF/JPY 4 Hour Price Update

Updated May 12, 2020 12:57 AM GMT (08:57 PM EST)

CHF/JPY, which opened the current 4 hour candle priced near 110.577, is down 14 pips 0.13% since the previous 4 hours, marking a reversal from the candle prior — and the end of a 4 four-hour candle positive run. Out of the 37 instruments in the Forex asset class, CHF/JPY ended up ranking 34th for the four-hour candle in terms of price change.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY is up 2 pips (0.01%) since the previous day (opening today near 110.604), marking the 5th day in a row it has gone up. Relative to other instruments in the Forex asset class, CHF/JPY ranked 20th the previous day in terms of percentage price change. Below is a price chart of CHF/JPY.

CHF/JPY Technical Analysis

Notably, CHF/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 35.4 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 4 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Main items we can see on the chart:a) The price is on a support zone were several rejections happened in the pastb) We can see a clear Corrective Structure after an impulse happened….That give us clues that a new wave C or 3 may continue….c) Inside the corrective Structure we have a descending trendline (a breakout of it will mean a new bullish movement towards the upper zone of the corrective structured) If the price breaks above the corrective Structure our bullish target will be the next resistance zone at 118.00