CHF/JPY Up 19 Pips, Price Base in Formation Over Past 14 and 90 Days; Pin Bar Pattern Appearing on Chart

CHF/JPY Price Recap

CHF/JPY enters today at 112.003 in US dollars, up 19 pips (0.17%) from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 26.41% from the day prior, and up 0.5% from the same day the week before. Out of the 40 instruments in the Forex asset class, CHF/JPY ended up ranking 14th for the day in terms of day-over-day price change. The price chart of CHF/JPY below illustrates.

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 20 day average, which is 46.6 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned upwards, which may be a bullish sign. Also of note is that on the 14 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 16 out of the past 30 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 2 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.4, 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.

CHFJPYAfter reaching the topside resistance level which is 114.00 level its started falling towards 11.200 levelshort positions may opened at present level which is 112.336Potential take profit will be 111.200Stop lose may placed above 113.300