CHF/JPY 4 Hour Price Update
Updated July 24, 2020 01:09 PM GMT (09:09 AM EST)
CHF/JPY is down 17 pips (0.15%) since the last 4 hour candle (opening the current 4 hour candle near 114.904), marking the 3rd candle in a row a decline has happened. Relative to other instruments in the Forex asset class, CHF/JPY ranked 33rd 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 up 1 pips (0.01%) since the previous day (opening today near 115.464), marking the 8th day in a row an increase has occurred. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 19th in terms of percentage change since the previous day. The price chart of CHF/JPY below illustrates.
CHF/JPY Technical Analysis
Notably, the current price of CHF/JPY is sitting close to its 20 and 50 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 136.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 22 out of the past 30 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CHFJPY, with 17 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 3.4, 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.
Expecting CHFJPY to go long , in as much as price respect the channel