CHF/JPY 4 Hour Price Update
Updated May 11, 2020 09:05 PM GMT (05:05 PM EST)
After 6 up four-hour candles, CHF/JPY snaps its streak, falling 4 pips (-0.04%) over the past four-hour candle to close at an exchange rate of 110.721. Out of the 37 instruments in the Forex asset class, CHF/JPY ended up ranking 25th for the four-hour candle in terms of price change.
CHF/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CHF/JPY is up 1 pips (0.01%) since the previous day (opening today near 109.833), marking the 3rd day in a row it has gone up. Relative to other instruments in the Forex asset class, CHF/JPY ranked 19th the previous day in terms of percentage 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 110.3101, 111.4365, 112.0178 and 111.0178 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 47.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 8 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
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 4 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Main items we can see on the chart:a) The price is on a support zone were several rejections happened in the pastb) We can see a clear Corrective Structure after an impulse happened….That give us clues that a new wave C or 3 may continue….c) Inside the corrective Structure we have a descending trendline (a breakout of it will mean a new bullish movement towards the upper zone of the corrective structured) If the price breaks above the corrective Structure our bullish target will be the next resistance zone at 118.00