CHF/JPY Up 5 Pips Over Past 4 Hours, Moves Up For the 7th Day In A Row; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated July 23, 2020 09:23 AM GMT (05:23 AM EST)

CHF/JPY is up 5 pips (0.05%) since the previous 4 hours (opening the current 4 hour candle near 115.416), marking the 2nd candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, CHF/JPY ranked 14th the previous 4 hours in terms of percentage price change.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY is up 1 pips (0.01%) since yesterday (opening today near 115.282), marking the 7th day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, CHF/JPY ended up ranking 20th for the day in terms of price change. The price chart of CHF/JPY below illustrates.

CHF/JPY Technical Analysis

Coming into today CHF/JPY is now close to its 20 and 50 day averages, located at 113.997 and 113.3124 respectively, and thus may be at a key juncture along those timeframes. 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 128.5 pips away. The clearest trend exists on the 90 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

We’re seeing some traders come out with interesting conviction on CHFJPY, with 12 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and flag technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Expecting to see a much higher push of CHFJPY to the up side given the fact that it broke out of the bullish flag and now violated market structure, but first we might see a slight pullback to the 114.791 zone….My first expected TP on this trade is 115.344 followed by 116.00.Wait for pullback to enter great buying opportunity on this pair….What d you guys think?