CHF/JPY Down 10 Pips On 4 Hour Chart, Eyes 20 and 200 Day Averages; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated May 13, 2020 01:11 AM GMT (09:11 PM EST)

CHF/JPY is down 10 pips (0.09%) since the previous 4 hours (opening the current 4 hour candle near 110.488), marking the 3rd candle in a row it has gone down. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 23rd in terms of percentage change since the previous 4 hours.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of CHF/JPY continues; to start today, it came in at a price of 110.508, up 5 pips (0.05%) since the day prior. Relative to other instruments in the Forex asset class, CHF/JPY ranked 16th the day prior in terms of percentage price change. The price chart of CHF/JPY below illustrates.

CHF/JPY Technical Analysis

The first thing we should note is that the current price of CHF/JPY is sitting close to its 20, 50, 100 and 200 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 20 day average, which is 29.8 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days CHF/JPY’s price has gone up 8 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

Of note is that traders in aggregate have opinions on CHFJPY, with 2 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.2, which is quite 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 is now at the top of the descending channel. It is also on a resistance zone.