CHF/JPY Up 32 Pips Over Past Hour; Came Into Today Down For the 6th Consecutive Day

Hourly Update

(Last Updated May 9, 2022 1:37 GMT)

At the moment, CHFJPY’s rate is up 3150 pips (0.24%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CHFJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

CHFJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHFJPY is down 15 pips (0.12%) since the previous day (opening today near 131.895), marking the 6th consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, CHFJPY ended up ranking 26th for the day in terms of price change. Here is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Coming into today the current price of CHFJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone down 11 them.