JPYCHF finds buyers again around 0.008613

Japanese Yen/Swiss Franc (JPYCHF) Technical Analysis Report for Sep 14, 2018

Highlights

JPYCHF closes above its opening price after recovering from early selling pressure
JPYCHF ends the day on a bullish note closing near the high of the day
JPYCHF finds buyers again around 0.008613
JPYCHF closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 80% Bullish
Technical Forecast:

Overview

JPYCHF ended the week -1.07% lower at 0.008639 after gaining 14 pips (0.16%) today. Trading up to 14 pips lower after the open, the forex pair managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for JPYCHF

Volatility

Friday's trading range was 29 pips (0.34%), that's far below last trading month's daily average range of 57 pips. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being way above average.

Price Action

After moving lower in the prior session, JPY/CHF managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

After having been unable to move lower than 0.008620 in the prior session, the pair found buyers again around the same price level today at 0.008613.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Japanese Yen/Swiss Franc

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