CHF/JPY Down 22 Pips Over Past Hour, Entered Today Down For the 9th Consecutive Day; Eyes 50 Day Average

Hourly Update

(Last Updated May 12, 2022 1:38 GMT)

Currently, CHFJPY’s rate is down -2240 pips (-0.17%) from the hour prior. This is the 2nd straight hour CHFJPY has seen its price head down. Regarding the trend, note that the strongest trend exists 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 10 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 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 down 31 pips (0.24%) since yesterday (opening today near 130.586), marking the 9th consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, CHFJPY ended up ranking 20th for the day in terms of price change. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Notably, CHFJPY is now close to its 20, 50 and 100 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 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 30 days CHFJPY’s price has gone down 19 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 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello everyone, if you like the idea, do not forget to support with a like and follow.H1 CHFJPY SELL 131.889SL 132.240TP2 131.148Cancel the plan if EMA200 exceeded 10 pips away from entry priceDisclaimer Notice !!!The plans that are shared here are not 100% confirm winning trade. There is no such thing as “always win” strategy. There will be a time we will face losing in rows. We are not pursuing high winning rate here. With good money management, we can be consistent profit in the long run.Any trades you decide to take are your own. The trades shared here are for educational/informational purposes only and are Mulchen’s personal trades.Good luck!~Mulchen, CISSP