Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down.
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 77.37% from the day prior, but down 26.32% from the same day the week before.
Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed down.
As for the rationale, technical traders seem to be citing the appearance of trendline and triangle technical patterns.
It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe.
Or to simplify this another way, note that out of the past 10 days chf/jpy’s price has gone up 8 them.
Volatility for chf/jpy has been contracting over the past two weeks relative to volatility over the past month.
This imputes a buy/sell ratio of 0.39, which is bearish.