CHFJPY Down 2 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Sentiment Strongly Favors Buyers
Relative to other instruments in the forex asset class, chfjpy ranked 15th the previous day in terms of percentage price change.
(Last Updated January 23, 2021)
Welcome to the news page for CHFJPY (CHFJPY). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
Japan BoJ Monetary Policy Meeting Minutes | NA | Japanese Yen | JPY | 2021-01-25 | 23:50 GMT |
A trend/countertrend situation exists on CHFJPY, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to buy for those interested in playing the longer term trend.
CHFJPY’s moving averages suggest the trend on a number of time horizons is bullish. Moreover, it should also be noted that the 20 and 100 SMA just turned bullish today.
Below is a chart showing CHFJPY’s price with its moving averages.
Regarding CHFJPY’s correlations over the past 7 days, it has been most correlated with EURJPY. CHFJPY has been most correlated with EURJPY over the past 14 days also, so this may be a recurring pattern. On the flip side, the asset least correlated with CHFJPY over the past week has been EURGBP, but if we observe the prior two weeks, the asset least correlated with CHFJPY has been AUDCHF. See the chart below to observe the recent price action in CHFJPY versus those of assets it hasn’t been well correlated with.
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At the moment, CHFJPY’s rate is up 3830 pips (0.33%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Looking further out, the moving averages on the weekly 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. The weekly chart below shows CHFJPY’s price action over the past year.
Clearest trend on the monthly is apparent at the 24 month timeframe.
Relative to other instruments in the forex asset class, chfjpy ranked 15th the previous day in terms of percentage price change.
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It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign.
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.
It’s been a feast for bears operating on an hourly timeframe, as chfjpy has now gone down 4 of the past 5 hours.
Volatility for chfjpy has been contracting over the past two weeks relative to volatility over the past month.
Volatility for chfjpy has been contracting over the past two weeks relative to volatility over the past month.
Price action traders may also wish to note that we see a doji candlestick pattern on chfjpy.
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.
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.