CHF/JPY Down 15 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Came Into Today Up For the 2nd Consecutive Day

Hourly Update

(Last Updated April 29, 2022 1:40 GMT)

At the time of this writing, CHFJPY’s rate is down -1470 pips (-0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

CHFJPY is up 214 pips (1.61%) since the day prior (opening today near 134.716), marking the 2nd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, CHFJPY ranked 5th the day prior in terms of percentage price change. Below is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

First things first: CHFJPY crossed above its 20 day moving average yesterday. 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. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone down 8 them.

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.

Excellent Formation of a profitable pattern forming.Use parameters as drawn out on the charts.This would be an excellent setup for a 1:3 RRHappy Hunting!