CHFJPY Down 2 Pips in Last Hour, Moves Up For the 2nd Straight Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated April 27, 2021 2:17 GMT)

At the time of this writing, CHFJPY’s rate is down -170 pips (-0.01%) from the hour prior. CHFJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CHFJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

CHFJPY is up 23 pips (0.19%) since the previous day (opening today near 118.284), marking the 2nd straight day an upward move has occurred. Out of the 39 instruments in the Forex asset class, CHFJPY ended up ranking 16th for the day in terms of price change. Here is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Coming into today CHFJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Volatility for CHFJPY 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 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days CHFJPY’s price has gone down 7 them.