CHF/JPY Down 23 Pips On 4 Hour Chart, Moves Up For the 4th Day In A Row; Nears 20 Day Moving Average

CHF/JPY 4 Hour Price Update

Updated June 29, 2020 09:11 PM GMT (05:11 PM EST)

CHF/JPY is down 23 pips (0.2%) since the previous 4 hours (opening the current 4 hour candle near 113.086), marking the 2nd candle in a row it has gone down. Out of the 37 instruments in the Forex asset class, CHF/JPY ended up ranking 35th for the four-hour candle in terms of price change.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY is up 1 pips (0.01%) since yesterday (opening today near 113.059), marking the 4th day in a row an increase has occurred. Relative to other instruments in the Forex asset class, CHF/JPY ranked 29th yesterday in terms of percentage price change. The price chart of CHF/JPY below illustrates.

CHF/JPY Technical Analysis

Coming into today CHF/JPY is now close to its 20, 50, 100 and 200 day averages, located at 112.9729, 111.7494, 111.7371 and 111.6737 respectively, and thus may be at a key juncture along those timeframes. Volatility for CHF/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Or to simplify this another way, note that out of the past 30 days CHF/JPY’s price has gone up 17 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 8 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, gartley and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This is an update on my last analysis on CHFJPY….Those who have not entered earlier can look for entries along the supportive trendline with a target at the resistance zone….Check out my previous CHFJPY analysis to understand why we went long on this trade.