CHF/JPY Up 15 Pips in Last 4 Hours, Moves Up For the 8th Day In A Row; Social Sentiment Biased Towards Buying

CHF/JPY 4 Hour Price Update

Updated July 24, 2020 09:06 PM GMT (05:06 PM EST)

A moment of silence, please, for the end of CHF/JPY’s 4 four-hour candle down streak; price ended the previous 4 hours up 15 pips (0.13%) to finish the four-hour candle at a rate of 114.848. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 7th 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 up 1 pips (0.01%) since the day prior (opening today near 115.464), marking the 8th day in a row an increase has occurred. Compared to its peers in the Forex, CHF/JPY gave its buyers a return that ranked 19th in terms of percentage change since the day prior. Here is a price chart of CHF/JPY.

CHF/JPY

CHF/JPY Technical Analysis

The first thing we should note is that CHF/JPY is now close to its 20 and 50 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 136.5 pips away. 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 10 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 20 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Expecting CHFJPY to go long , in as much as price respect the channel