CHF/JPY Down 3 Pips in Last Hour, 5 Day Down Streak Broken; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated April 28, 2022 1:39 GMT)

Currently, CHFJPY’s rate is down -280 pips (-0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CHFJPY has now gone up 4 of the past 5 hours. 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 an uptrend 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, which opened today priced near 132.577, is up 34 pips 0.26% since the day prior, marking a reversal from the day prior — and the end of a 5 day negative run. Relative to other instruments in the Forex asset class, CHFJPY ranked 15th the day prior in terms of percentage price change. Below is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

The first thing we should note is that CHFJPY is now close to its 20 and 50 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 90 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 6 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CHFJPY; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

POW EDGE in use on this idea. Something different for this idea. We are working CHFJPY on the H1 chart. However this time we are not working to set targets of TP. Instead we are simply following the trend with a stop loss set. The back test for this strategy can still be found at base of this idea. This shows the strategy to still be profitable but this is based on following until a next alert presents. Now ultimately we aim to produce strategies that have hard set in stone rules. We try to remove all subjectivity but for those wanting to trade like this strategy here at 1% with a fixed stop you could then manually back test to your own RR per trade. Second to that you could bank some of the position and leave rest open to see how far the trend goes before bending. Chart shows a live trade and a previous trade. Current live trade is running at a RR o11:3.5 Last long trade closed for a 67 pip gain but was at a high of 171 pips. For those that just want to follow trends this is strategy is viable way of trading even if sticking to set rules of our mechancial system. At times will give pips back following these rules. For those who don’t mind some subjectivity and emotions being a part of their trading who knows maybe it could be more profitable. Hit the comments section below how would you guys as traders have managed the last trade and the current live trade. Also do any off you think you trading these alerts could make more profit in anyway by adding decision making into the mix? I’m intrigued.Thanks for looking Darren 👊