CHFJPY Up 4 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated February 22, 2021 23:17 GMT)

At the time of this writing, CHFJPY’s rate is up 420 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 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CHFJPY. Given that we see downtrend 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)

The back and forth price flow continues for CHFJPY, which started today off at 117.592, down 36 pips 0.31% from the day prior. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 32nd in terms of percentage change since the day prior. The price chart of CHFJPY below illustrates.

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. 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. For additional context, note that price has gone up 6 out of the past 10 days. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 14, 90 and 30 day