(Last Updated January 12, 2021 2:17 GMT)
At the moment, CHFJPY’s rate is up 470 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, with price now being above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)
The choppiness in the recent daily price action of CHFJPY continues; to start today, it came in at a price of 117.091, down 21 pips (0.18%) since the previous day. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 26th in terms of percentage change since the previous day. Let’s take a look at price chart of 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. Trend traders will want to observe that the strongest trend appears on the 14 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. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.