CHFJPY Up 3 Pips Over Past Hour, Moves Up For the 3rd Straight Day; Nears 20, 50 and 100 Day Moving Averages

Hourly Update

(Last Updated September 3, 2021 2:16 GMT)

At the moment, CHFJPY’s rate is up 270 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend 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 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 is up 1 pips (0.01%) since the previous day (opening today near 120.23), marking the 3rd straight day an upward move has occurred. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 19th in terms of percentage change since the previous day. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Coming into today the current price of CHFJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 9 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 17 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 4 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 4, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

price might break daily downtrend line and small uptrend line from bottom to topand if it happen and price will be able to hold the level above my entry point on 4hrs frame I gonna wait to see retest the trend lines then go long at my EP