The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 24.43% from the day prior, and up 199.44% from the same day the week before.
Or to simplify this another way, note that out of the past 10 days chf/jpy’s price has gone up 5 them.
Out of the 40 instruments in the forex asset class, chf/jpy ended up ranking 24th for the day in terms of day-over-day price change.
Keep it mind – this is uptrend, but it look like strong pullback, too.
This imputes a buy/sell ratio of 0.42, which is bearish.
Volatility for chf/jpy has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.
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.