CHF/JPY Up 10 Pips On 4 Hour Chart, Moves Down For the 3rd Day In A Row; Price Base in Formation Over Past 90 Days

CHF/JPY 4 Hour Price Update

Updated June 18, 2020 09:10 AM GMT (05:10 AM EST)

CHF/JPY, which opened the current 4 hour candle priced near 112.636, is up 10 pips 0.09% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 4 four-hour candle negative run. Relative to other instruments in the Forex asset class, CHF/JPY ranked 13th the last 4 hour candle in terms of percentage price change.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY is down 12 pips (0.1%) since yesterday (opening today near 112.66), marking the 3rd day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, CHF/JPY ended up ranking 28th for the day in terms of price change. 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 112.846, 111.3475, 111.7227 and 111.557 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 18.6 pips away. Volatility for CHF/JPY 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 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 8 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

By looking at the current market structure , we can clearly see the relevance of the falling wedge corrective structure which will lead us to a bullish move after the completion of the anticipated 3rd touch ….Price still remains currently within this corrective structure until we finally break-out to the upside .