CHF/JPY Up 11 Pips Over Past Hour, Came Into Today Up For the 7th Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated June 3, 2022 1:39 GMT)

Currently, CHFJPY’s rate is up 1110 pips (0.08%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CHFJPY has now gone up 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CHFJPY. Given that we see an uptrend on the 20, 10 and 5 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 up 44 pips (0.33%) since the previous day (opening today near 135.575), marking the 7th straight day it has gone up. Relative to other instruments in the Forex asset class, CHFJPY ranked 17th the previous day in terms of percentage price change. The price chart of CHFJPY below illustrates.

CHFJPY

CHFJPY Technical Analysis

Coming into today the current price of CHFJPY is sitting close to its 50 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 50 day average, which is 294.2 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. 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. For additional context, note that price has gone down 17 out of the past 30 days.