(Last Updated November 4, 2021 3:16 GMT)
Currently, CHFJPY’s rate is up 470 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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)
The choppiness in the recent daily price action of CHFJPY continues; to start today, it came in at a price of 125.093, up 50 pips (0.4%) since yesterday. Relative to other instruments in the Forex asset class, CHFJPY ranked 9th yesterday in terms of percentage price change. Here is a price chart of CHFJPY.
CHFJPY Technical Analysis
The first thing we should note is that CHFJPY is now close to its 20 day averages, located at 123.5507 respectively, and thus may be at a key juncture along those timeframes. 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 up 19 out of the past 30 days.