(Last Updated October 13, 2020 2:16 GMT)
At the moment, CADJPY’s rate is down -1160 pips (-0.14%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Of note is that the 20 and 50 hour changed directions on CADJPY; they are now pointing down. 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.
CADJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of CADJPY’s 3 day up streak; price ended the previous day down 20 pips (-0.24%) to finish the day at a rate of 80.291. Out of the 40 instruments in the Forex asset class, CADJPY ended up ranking 26th for the day in terms of price change. Below is a price chart of CADJPY.
CADJPY Technical Analysis
Coming into today the current price of CADJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 31.1 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone down 16 out of the past 30 days.