CHF/JPY Makes Big Move Relative to Past Two Months, Down 175 Pips; Breaks Below 20 and 50 Day Averages

CHF/JPY Price Recap

The choppiness in the recent daily price action of CHF/JPY continues; to start today, it comes in at a price of 111.808 US dollars, down 175 pips (1.54%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 5.7% from the day prior, but up 269.05% from the same day the week before. Out of the 40 instruments in the Forex asset class, CHF/JPY ended up ranking 32nd for the day in terms of day-over-day price change. The price chart of CHF/JPY below illustrates.

CHF/JPY Technical Analysis

First things first: CHF/JPY crossed below its 20 and 50 day moving averages yesterday. 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 33.3 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 30 days CHF/JPY’s price has gone up 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 6 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.2, which is neutral. Here’s a piece we found on tradingview.com that we thought you might enjoy.