CHFJPY Down 11 Pips On Hourly Chart, is Inching Close to 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 13, 2021 11:16 GMT)

At the time of this writing, CHFJPY’s rate is down -1140 pips (-0.1%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CHFJPY has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 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 entered today at 119.643, down 13 pips (0.11%) from the day prior. Out of the 39 instruments in the Forex asset class, CHFJPY ended up ranking 31st for the day in terms of price change. Here is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Notably, CHFJPY 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 30.9 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!