CHFJPY Up 16 Pips in Last Hour, Underperforms All Forex; But Still in an Uptrend Over Past 14 Days – CFD Trading

Hourly Update

(Last Updated May 12, 2021 21:17 GMT)

At the time of this writing, CHFJPY’s rate is down -360 pips (-0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CHFJPY has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji 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)

CHFJPY, which opened today priced near 120.239, is down 60 pips 0.5% since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. On a relative basis, CHFJPY was the worst performer out of all 39 of the assets in the Forex asset class. Here is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Notably, CHFJPY is now close to its 20, 50 and 100 day averages, located at 119.037, 117.9874 and 117.5377 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 out of the past 30 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.

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