CHF/JPY Down 7 Pips On 4 Hour Chart, Price Base in Formation Over Past 14 Days; is Inching Close to 20 Day Average

CHF/JPY 4 Hour Price Update

Updated June 26, 2020 01:09 PM GMT (09:09 AM EST)

CHF/JPY is down 7 pips (0.06%) since the last 4 hour candle (opening the current 4 hour candle near 112.822), marking the 2nd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, CHF/JPY ended up ranking 18th 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 entered today at 113.009, down 0 pips (0%) from yesterday. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 30th in terms of percentage change since yesterday. Here is a 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 20 day average, which is 1.8 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Volatility for CHF/JPY 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days CHF/JPY’s price has gone up 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 0 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.