CAD/JPY 6 Day Down Streak Ended; Price Base in Formation Over Past 30 and 90 Days

CAD/JPY Price Recap

CAD/JPY, currently priced near 81.266, is up 58 pips 0.72% since yesterday, marking a reversal from the day prior — and the end of a 6 day negative run. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 24.17% from the day prior, but up 117.36% from the same day the week before. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 8th for the day in terms of day-over-day price change. The price chart of CAD/JPY below illustrates.

CAD/JPY Technical Analysis

Notably, CAD/JPY is now close to its 20, 50, 100 and 200 day averages, located at 82.8004, 83.1812, 82.8348 and 82.034 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 76.8 pips away. Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days CAD/JPY’s price has gone down 7 them.