CHF/JPY Down 7 Pips Over Past 4 Hours, Came Into Today Up For the 4th Day In A Row; Nears 50 and 200 Day Moving Averages

CHF/JPY 4 Hour Price Update

Updated May 20, 2020 05:06 PM GMT (01:06 PM EST)

A moment of silence, please, for the end of CHF/JPY’s 4 four-hour candle up streak; price ended the previous 4 hours down 7 pips (-0.06%) to finish the four-hour candle at a rate of 111.354. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 23rd 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 22 pips (0.19%) since the previous day (opening today near 111.054), marking the 4th day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, CHF/JPY ended up ranking 12th for the day in terms of price change. Let’s take a look at price chart of CHF/JPY.

CHF/JPY Technical Analysis

Notably, CHF/JPY is now close to its 20, 50, 100 and 200 day averages, located at 110.1935, 111.0677, 111.7403 and 111.1004 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 50 day average, which is 1.4 pips away. Trend traders will want to observe that the strongest trend appears on the 14 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 90 day timeframe. Or to simplify this another way, note that out of the past 14 days CHF/JPY’s price has gone up 9 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 8 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.6, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The price for CHF/JPY on the 4h timeframe lately has breakout from the descending channel. It moving towards the Key Level and the following price direction depends whether it will break the latter or not.