CHF/JPY Up 16 Pips Over Past Hour, Entered Today Up For the 9th Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated June 7, 2022 1:40 GMT)

At the moment, CHFJPY’s rate is up 1610 pips (0.12%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 22 pips (0.16%) since yesterday (opening today near 136.106), marking the 9th straight day it has gone up. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 21st in terms of percentage change since yesterday. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

The first thing we should note is that 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 330.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days CHFJPY’s price has gone up 15 them.

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 14 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

FORECAST: SELLPrice has tapped H4 liquidity pool at 136.172 zone after a long bullish run. It’s an area of interest as we anticipate a sell once sentiment changes.Another area of interest is the monthly liquidity pool at 138.875. The pair will do one of two things:SCENARIO 1: (Line Arrow)Pair will sell if sentiment changes from current strong bullish trend.SCENARIO 2: (Dotted Arrow)The monthly liquidity pool will have to be cleared before price dropsSentimental Analysis: Current78% – Selling22% – BuyingTRADE CALL: Waiting for BUY signal