CHF/JPY Up 2 Pips Over Past 4 Hours, Moves Up For the 5th Day In A Row; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated May 21, 2020 12:44 AM GMT (08:44 PM EST)

CHF/JPY is up 2 pips (0.02%) since the previous 4 hours (opening the current 4 hour candle near 111.499), marking the 2nd candle in a row an increase has occurred. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 16th 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 day prior (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 day prior. The price chart of CHF/JPY below illustrates.

CHF/JPY Technical Analysis

Coming into today CHF/JPY is now close to its 20, 50, 100 and 200 day averages, located at 110.3053, 111.0384, 111.7334 and 111.1173 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 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days CHF/JPY’s price has gone up 16 them. 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

We’re seeing some traders come out with interesting conviction on CHFJPY, with 3 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.6, 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.