CHF/JPY Up 11 Pips in Last 4 Hours, Moves Up For the 6th Day In A Row; Eyes 20 Day Average

CHF/JPY 4 Hour Price Update

Updated June 30, 2020 09:11 PM GMT (05:11 PM EST)

CHF/JPY is up 11 pips (0.09%) since the last 4 hour candle (opening the current 4 hour candle near 113.955), marking the 3rd candle in a row it has gone up. Relative to other instruments in the Forex asset class, CHF/JPY ranked 15th the last 4 hour candle in terms of percentage price change.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY is up 8 pips (0.07%) since the previous day (opening today near 113.166), marking the 6th day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, CHF/JPY ranked 18th the previous day in terms of percentage price change. Below is a price chart of CHF/JPY.

CHF/JPY Technical Analysis

Coming into today CHF/JPY is now close to its 20, 50, 100 and 200 day averages, located at 112.8986, 111.8274, 111.7542 and 111.71 respectively, and thus may be at a key juncture along those timeframes. Volatility for CHF/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. For additional context, note that price has gone up 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 10 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, gartley and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This is an update on my last analysis on CHFJPY….Those who have not entered earlier can look for entries along the supportive trendline with a target at the resistance zone….Check out my previous CHFJPY analysis to understand why we went long on this trade.