CHF/JPY Down 1 Pips Over Past 4 Hours, Entered Today Up For the 6th Day In A Row; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated July 22, 2020 09:17 AM GMT (05:17 AM EST)

After 4 up four-hour candles, CHF/JPY snaps its streak, falling 1 pips (-0.01%) over the past four-hour candle to close at an exchange rate of 114.567. 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 4 hours.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY is up 14 pips (0.12%) since yesterday (opening today near 114.59), marking the 6th 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 9th in terms of percentage change since yesterday. 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 20 day average, which is 69.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 10 out of the past 14 days. 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

Of note is that traders in aggregate have opinions on CHFJPY, with 12 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.63, which is bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci, relative strength index and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Double cup with Handle pattern seen on both Daily and intraday TF….Currently the pair is trading on a major Resistance level following an upward trend channel on 1H TF….A break above this area will signal a strong upward momentumIf you like this analysis, please support with your likes/comments and Follow me for future trend updates Thank you!