CHF/JPY Down 9 Pips On Hourly Chart, Entered Today Up For the 8th Straight Day; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated June 6, 2022 1:39 GMT)

At the time of this writing, CHFJPY’s rate is down -930 pips (-0.07%) from the hour prior. CHFJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CHFJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

CHFJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHFJPY is up 31 pips (0.23%) since the day prior (opening today near 135.882), marking the 8th straight day an upward move has occurred. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 14th in terms of percentage change since the day prior. The price chart of CHFJPY below illustrates.

CHFJPY

CHFJPY Technical Analysis

The first thing we should note is that CHFJPY is now close to its 50 day averages, located at 132.7272 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 50 day average, which is 315.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone up 11 them.

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 4 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.