CHF/JPY Up 15 Pips On 4 Hour Chart

CHF/JPY 4 Hour Price Update

Updated July 27, 2020 09:09 PM GMT (05:09 PM EST)

CHF/JPY is up 15 pips (0.13%) since the previous 4 hours (opening the current 4 hour candle near 114.517), marking the 2nd candle in a row an increase has occurred. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 8th in terms of percentage change since the previous 4 hours.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of CHF/JPY continues; to start today, it came in at a price of 115.258, up 2 pips (0.02%) since the day prior. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 23rd in terms of percentage change since the day prior. Here is a price chart of CHF/JPY.

CHF/JPY

CHF/JPY Technical Analysis

The first thing we should note is that CHF/JPY is now close to its 20 and 50 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 109.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 12 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Looking at bollinger bands we can see it travelling down to the middle band which I believe will be the level of rejection as current price level is retesting the broken resistance level and could potentially give us a good movement to the upside….Next crucial level will be 118 price level resistance level which we have previously see several rejections at the level….Therefore, there will be slight resistance pressure when we approach closer to 161.8 fib level and resistance level @118 price level.