CHF/JPY Down 47 Pips in Last 4 Hours, Entered Today Up For the 5th Day In A Row; Eyes 50, 100 and 200 Day Averages

CHF/JPY 4 Hour Price Update

Updated May 21, 2020 05:08 PM GMT (01:08 PM EST)

CHF/JPY is down 47 pips (0.43%) since the previous 4 hours (opening the current 4 hour candle near 110.991), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 34th 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 9 pips (0.08%) since the previous day (opening today near 111.484), marking the 5th day in a row it has gone up. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 8th in terms of percentage change since the previous day. Let’s take a look at price chart of CHF/JPY.

CHF/JPY Technical Analysis

The first thing we should note is that CHF/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 24.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 7 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 4 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. 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.