(Last Updated May 13, 2021 0:18 GMT)
Currently, CHFJPY’s rate is down -250 pips (-0.02%) from the hour prior. This is the 2nd hour in a row CHFJPY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CHFJPY. Given that we see an uptrend on the 20 and 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 20, 50, 100 and 200 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)
A moment of silence, please, for the end of CHFJPY’s 3 day up streak; price ended yesterday down 60 pips (-0.5%) to finish the day at a rate of 120.239. On a relative basis, CHFJPY was the worst performer out of all 39 of the assets in the Forex asset class. Below is a price chart of CHFJPY.
CHFJPY Technical Analysis
Coming into today CHFJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 14, 30 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.