CHF/JPY Down 24 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated May 15, 2020 01:08 PM GMT (09:08 AM EST)

CHF/JPY is down 24 pips (0.22%) since the last 4 hour candle (opening the current 4 hour candle near 109.88), marking the 3rd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, CHF/JPY ended up ranking 25th 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 9 pips (0.08%) since the previous day (opening today near 110.242), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 15th in terms of percentage change since the previous day. The price chart of CHF/JPY below illustrates.

CHF/JPY Technical Analysis

Coming into today 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 13.2 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 6 out of the past 10 days. 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

We’re seeing some traders come out with interesting conviction on CHFJPY, with 0 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Short CHFJPY with a bounce plus a counter trendline break at .786 Fibonacci Leve to target 1.27 Fibonacci Level