CHF/JPY Down 3 Pips Over Past 4 Hours, 4 Day Down Streak Broken; Nears 100 Day Moving Average

CHF/JPY 4 Hour Price Update

Updated June 22, 2020 01:09 PM GMT (09:09 AM EST)

The back and forth price flow continues for CHF/JPY, which started the current 4 hour candle off at 112.543, down 3 pips 0.03% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, CHF/JPY ended up ranking 27th for the four-hour candle in terms of price change.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 4 down days, CHF/JPY snaps its streak, rising 1 pips (0.01%) over the past day to close at an exchange rate of 112.22. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 24th in terms of percentage change since the previous day. Below is a price chart of CHF/JPY.

CHF/JPY Technical Analysis

Coming into today CHF/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 51.5 pips away. Volatility for CHF/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days CHF/JPY’s price has gone up 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CHFJPY; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Happy Trading—————————————–This idea is for entertainment purposes only, and must not be construed as an investment advice.