CHF/JPY Down 21 Pips in Last 4 Hours, Crosses 20 and 50 Day Moving Averages; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated March 31, 2020 01:05 PM GMT (09:05 AM EST)

CHF/JPY is down 21 pips (0.19%) since the previous 4 hours (opening the current 4 hour candle near 112.369), marking the 2nd candle in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, CHF/JPY ended up ranking 20th for the four-hour candle in terms of price change.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of CHF/JPY’s 4 day down streak; price ended the day prior up 14 pips (0.12%) to finish the day at a rate of 112.597. Relative to other instruments in the Forex asset class, CHF/JPY ranked 13th the day prior in terms of percentage price change. Here is a price chart of CHF/JPY.

CHF/JPY Technical Analysis

First things first: CHF/JPY crossed above its 20 and 50 day moving averages yesterday. 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 50 day average, which is 5.5 pips away. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

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 14 sell signals. This imputes a buy/sell ratio of 0.07, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel 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.

still a sell as I expected. break in trendline has occurred, awaiting pullback before entering sell at 112.250 with sell stop.