CHF/JPY Down 2 Pips Over Past Hour, Entered Today Up For the 2nd Consecutive Day; Breaks Above 50 Day Average

Hourly Update

(Last Updated August 5, 2022 1:39 GMT)

Currently, CHFJPY’s rate is down -210 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CHFJPY has now gone down 8 of the past 10 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 is up 90 pips (0.65%) since the previous day (opening today near 139.69), marking the 2nd consecutive day an upward move has occurred. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 8th in terms of percentage change since the previous day. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

First things first: CHFJPY crossed above its 50 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone down 7 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CHFJPY; just 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The idea is based on ABCD Pattern and Double Top. Possible bearish move is expected.