Relative to other instruments in the forex asset class, chfjpy ranked 14th the previous day in terms of percentage price change.
Compared to its peers in the forex, chfjpy gave its buyers a return that ranked 13th in terms of percentage change since the day prior.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
The closest is the 100 day average, which is 3.7 pips away.
Price action traders may also wish to note that we see a pin bar candlestick pattern on chfjpy.
It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign.
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.
This imputes a buy/sell ratio of 2, which is bullish.
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.
With that said, traders should also note the downtrend on the 20 and 10 hourly candle timeframe, so the meaning of the candles may require further exploration.