CHFJPY Down 4 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; 4 Day Down Streak Ended

Hourly Update

(Last Updated April 26, 2021 3:17 GMT)

At the time of this writing, CHFJPY’s rate is down -400 pips (-0.03%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them so that price is now turning below it. 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)

A moment of silence, please, for the end of CHFJPY’s 4 day down streak; price ended yesterday up 35 pips (0.3%) to finish the day at a rate of 118.059. Out of the 39 instruments in the Forex asset class, CHFJPY ended up ranking 10th for the day in terms of price change. Here is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CHFJPY crossed above its 20 day moving average yesterday. 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. For additional context, note that price has gone down 8 out of the past 10 days.