CHF/JPY 4 Hour Price Update
Updated March 26, 2020 05:09 AM GMT (01:09 AM EST)
The back and forth price flow continues for CHF/JPY, which started the current 4 hour candle off at 113.691, up 18 pips 0.16% from the previous 4 hours. Relative to other instruments in the Forex asset class, CHF/JPY ranked 18th the previous 4 hours in terms of percentage price change.
CHF/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CHF/JPY is up 19 pips (0.17%) since the previous day (opening today near 113.559), marking the 7th day in a row an increase has occurred. Relative to other instruments in the Forex asset class, CHF/JPY ranked 17th the previous day in terms of percentage price change. Let’s take a look at price chart of CHF/JPY.
CHF/JPY Technical Analysis
Notably, CHF/JPY is now close to its 20, 50 and 100 day averages, located at 112.3469, 112.4776 and 112.171 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 50 day average, which is 108.1 pips away. For additional context, note that price has gone up 10 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CHFJPY, with 2 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of pennant and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Just broken out of a rising pennantSL = Above Previous highsTP = The lows of the pennantR:R = 2