CHF/JPY Moves Down For the 2nd Day In A Row

CHF/JPY Price Recap

CHF/JPY is down 53 pips (0.48%) since yesterday (with its current price near 110.845), marking the 2nd day in a row it has gone down. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 26.65% from the day prior, and up 122.74% from the same day the week before. Out of the 40 instruments in the Forex asset class, CHF/JPY ended up ranking 22nd for the day in terms of day-over-day price change. Let’s take a look at price chart of CHF/JPY.

CHF/JPY Technical Analysis

Coming into today the current price of CHF/JPY is sitting close to its 20, 50, 100 and 200 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 100 day average, which is 56.7 pips away. In addition to the moving average crossover, CHF/JPY may have broken its trend on the 14 day basis, as the trend’s momentum appears to be slowing down. For additional context, note that price has gone up 17 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 7 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

SalaamPrice is near the junction of support and trendline.OverBought in the indicator.waiting for a false breakoutRisk management***Good luck