CHF/JPY Up 11 Pips On 4 Hour Chart, Entered Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated July 30, 2020 01:06 AM GMT (09:06 PM EST)

CHF/JPY is up 11 pips (0.09%) since the previous 4 hours (opening the current 4 hour candle near 115.1), marking the 3rd candle in a row an increase has occurred. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 4th 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 13 pips (0.12%) since yesterday (opening today near 115.097), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 6th in terms of percentage change since yesterday. Here is a price chart of CHF/JPY.

CHF/JPY

CHF/JPY Technical Analysis

Notably, CHF/JPY is now close to its 20, 50 and 200 day averages, located at 114.352, 113.6724 and 112.3037 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 74.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 10 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

Of note is that traders in aggregate have opinions on CHFJPY, with 10 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I would appreciate any likes and follows from this idea, that would encourage me to publish more ideas and analysis….Price has been inside this ascending channel since early May….Now price is approached support line of this channel and we believe price is going to go higher for new highs.