CHF/JPY Down 42 Pips, Price Base in Formation Over Past 14 and 90 Days; Eyes 100 Day Average

CHF/JPY Price Recap

111.584 (USD) was the opening price of the day for CHF/JPY, resulting in yesterday being a day in which price moved down 42 pips 0.37% from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 3.03% from the day prior, but up 48.42% from the same day the week before. Relative to other instruments in the Forex asset class, CHF/JPY ranked 22nd 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 112.3907, 112.6089, 111.5233 and 110.2214 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 6.1 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned downwards, which may be a bearish sign. Also of note is that on the 14 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days CHF/JPY’s price has gone up 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 5 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

PRICE IS IN A DESCENDING CHANNEL AND LOOKS LIKE IT COULD BREAK UPWARDS….PRICE ON HIGH TIMEFRAMES HAS BEEN CHOPPY AS OF LATE WITH WHOLE ECONOMICAL SITUATIONS GOING ON BUT HAVE TO FOLLOW THE TREND….I HAVE NOW LAUNCHED A FREE TELEGRAM CHANNEL FOR MARKET INSIGHT AND TRADES THAT I TAKE.