CHF/JPY 4 Hour Price Update
Updated July 02, 2020 01:14 AM GMT (09:14 PM EST)
The choppiness in the recent four-hour candle price action of CHF/JPY continues; to start the current 4 hour candle, it came in at a price of 113.522, down 10 pips (0.09%) since the previous 4 hours. Out of the 37 instruments in the Forex asset class, CHF/JPY ended up ranking 29th for the four-hour candle in terms of price change.
CHF/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CHF/JPY is down 3 pips (0.03%) since yesterday (opening today near 113.576), marking the 2nd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, CHF/JPY ended up ranking 28th for the day in terms of price change. Let’s take a look at price chart of CHF/JPY.
CHF/JPY Technical Analysis
Notably, CHF/JPY is now close to its 20, 50, 100 and 200 day averages, located at 112.9697, 111.987, 111.7879 and 111.752 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 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 16 sell signals. This imputes a buy/sell ratio of 0.62, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
on DAILY: CHFJPY is sitting around a resistance zone in green so we will be looking for objective sell setups on lower timeframes….on H1: CHFJPY is forming a red channel so we are waiting for a new swing to form around our lower red trendline to consider it our last swing and enter on its break downward….meanwhile, until the sell setup is activated, this pair would be overall bullish.