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Setting valueFormatString defines the format for labels appearing on Axis Y, which doesn’t include the negative symbol (-) incase of negative number. Instead, using labelFormatter to return an empty string should work fine in this case. Please check the below code snippet –

  title: "",
  tickLength: 0,
  labelFormatter: function(e) {
     return "";

Also, kindly take a look at this updated JSFiddle.

hiding axis label

Indranil Deo
Team CanvasJS