CHFJPY Up 12 Pips in Last Hour, in an Uptrend Over Past 90 Days; Nears 20 Day Moving Average

Hourly Update

(Last Updated June 7, 2021 17:18 GMT)

At the moment, CHFJPY’s rate is up 1240 pips (0.1%) from the hour prior. The hourly chart shows that CHFJPY has seen 3 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 hour moving averages, resulting in them with price now being above them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The back and forth price flow continues for CHFJPY, which started today off at 121.84, down 19 pips 0.15% from yesterday. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 23rd in terms of percentage change since yesterday. Here is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

The first thing we should note is that 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. Volatility for CHFJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Or to simplify this another way, note that out of the past 10 days CHFJPY’s price has gone up 5 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CHFJPY; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Pair Name : CHF/JPYTime Frame : 1 analysis / 4hr’Scale Type : Large Scale Analysis Way : Volume + Classic + High & low + Market Map Key Technical / Reason’s Long ——————————— DescriptionThe price now broke a very important level at 121.700, this level contains several reasons for sellingThe first reason is a sub-trend area that was broken at the current price, and also the tops are lower than the topsThe second reason is that the price rebounded from a downtrend on the weekly time frame, and this supports the bearish theoryThe third reason is that the price also bounced back from the major counter trend, and this supports the further declineThe fourth reason: the price broke a high liquidity area on the volume profile, which supports more selling liquidityThe fifth reason. The price broke the weekly low and the daily low, and a strong price action model was made on the daily and weekly time frame