CHF/JPY Up 26 Pips in Last 4 Hours, Nears 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

CHF/JPY 4 Hour Price Update

Updated May 18, 2020 05:06 PM GMT (01:06 PM EST)

CHF/JPY is up 26 pips (0.23%) since the previous 4 hours (opening the current 4 hour candle near 110.607), marking the 2nd candle in a row an upward move has occurred. Relative to other instruments in the Forex asset class, CHF/JPY ranked 20th the previous 4 hours in terms of percentage price change.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for CHF/JPY, which started today off at 110.194, up 4 pips 0.04% from the previous day. Relative to other instruments in the Forex asset class, CHF/JPY ranked 12th the previous day in terms of percentage price change. The price chart of CHF/JPY below illustrates.

CHF/JPY Technical Analysis

Notably, CHF/JPY is now close to its 20, 50, 100 and 200 day averages, located at 110.1058, 111.1711, 111.8059 and 111.069 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 8.8 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days CHF/JPY’s price has gone up 8 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 4 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.44, 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.

Daily downward channel,4H downward channel, Fibonacci retrace on the 50% level with doji candles that formed on the 1H chart….Been holding this trade about 12 days now and seeing structure form according to the Fibonacci levels tells me that sellers can come in any moment to push the price back down again….Stop loss already placed on break even so I’m trying to hold this trade as long as I can to see how the structures forms.