CHF/JPY Down 16 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Moves Down For the 2nd Day In A Row

CHF/JPY 4 Hour Price Update

Updated June 24, 2020 01:14 PM GMT (09:14 AM EST)

CHF/JPY is down 16 pips (0.14%) since the previous 4 hours (opening the current 4 hour candle near 112.61), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 27th in terms of percentage change since the previous 4 hours.

CHF/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHF/JPY is down 3 pips (0.02%) since the day prior (opening today near 112.701), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, CHF/JPY ranked 30th the day prior in terms of percentage price change. Below is a price chart of CHF/JPY.

CHF/JPY Technical Analysis

Notably, CHF/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 32.4 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days CHF/JPY’s price has gone down 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 25 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 4.17, which is bullish. As for the rationale, technical traders seem to be citing the appearance of trendline and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CHFJPY is forming a falling wedge (continuation pattern)….A break of the resistive trendline has occurred, AND a retest of the resistive trendline is currently happening, lining up perfectly with the 61.8 Fib level….Bulls can enter long positions now, targeting the strong, daily resistance zone as a first target.