(Last Updated November 5, 2021 23:16 GMT)
At the time of this writing, CHFJPY’s rate is up 120 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)
The back and forth price flow continues for CHFJPY, which started today off at 125.093, up 50 pips 0.4% from yesterday. Relative to other instruments in the Forex asset class, CHFJPY ranked 9th yesterday in terms of percentage price change. The price chart of CHFJPY below illustrates.
CHFJPY Technical Analysis
Notably, CHFJPY is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for CHFJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.