(Last Updated July 29, 2022 1:39 GMT)
At the moment, CHFJPY’s rate is up 1400 pips (0.1%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 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 entered today at 141.19, down 104 pips (0.73%) from the previous day. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 31st in terms of percentage change since the previous day. Below is a price chart of 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 141.008 and 138.398 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. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing evening star pattern appearing here.