CHF/JPY Up 1 Pips in Last Hour, Moves Down For the 7th Consecutive Day; Nears 50 Day Moving Average

Hourly Update

(Last Updated May 10, 2022 1:38 GMT)

Currently, CHFJPY’s rate is up 110 pips (0.01%) from the hour prior. This is the 3rd straight hour CHFJPY has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CHFJPY. Given that we see downtrend 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 down 55 pips (0.42%) since yesterday (opening today near 131.345), marking the 7th consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, CHFJPY ranked 28th yesterday in terms of percentage price change. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

The first thing we should note is that CHFJPY is now close to its 20 and 50 day averages, located at 133.5493 and 130.7859 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days CHFJPY’s price has gone down 18 them.