CHF/JPY Up 2 Pips in Last 4 Hours, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated July 29, 2020 01:15 AM GMT (09:15 PM EST)

The choppiness in the recent four-hour candle price action of CHF/JPY continues; to start the current 4 hour candle, it came in at a price of 114.501, up 2 pips (0.02%) since the last 4 hour candle. Relative to other instruments in the Forex asset class, CHF/JPY ranked 18th the last 4 hour candle in terms of percentage price change.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY is down 1 pips (0.01%) since yesterday (opening today near 114.473), marking the 3rd day in a row it has gone down. Out of the 40 instruments in the Forex asset class, CHF/JPY ended up ranking 27th for the day in terms of price change. Let’s take a look at price chart of CHF/JPY.

CHF/JPY

CHF/JPY Technical Analysis

The first thing we should note is that the current price of CHF/JPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 19.6 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days CHF/JPY’s price has gone up 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 1 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.14, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hey, I am back with another Forex analysis this time looking at CHF/JPY….CHF/JPY is in a rising wedge, which is a bearish formation, so I going to short this pair all the way to 114.500 – 50 pips….Short when the uptrend is broken, which is so you can even market enter if you are an early bird.