CHFJPY Up 2 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated June 3, 2021 4:18 GMT)

At the moment, CHFJPY’s rate is up 200 pips (0.02%) from the hour prior. CHFJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a doji candlestick pattern on CHFJPY. Given that we see an uptrend on the 10 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 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)

CHFJPY entered today at 122.02, down 2 pips (0.01%) from yesterday. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 20th in terms of percentage change since yesterday. Below 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 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days CHFJPY’s price has gone up 18 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.