(Last Updated July 6, 2021 3:17 GMT)
At the time of this writing, CADJPY’s rate is up 270 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning above it. 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)
CADJPY, which opened today priced near 89.909, is down 18 pips 0.2% since the day prior, marking a reversal from the day prior — and the end of a 3 day positive run. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 31st in terms of percentage change since the day prior. Here is a price chart of CADJPY.
CADJPY Technical Analysis
First things first: CADJPY crossed below its 50 day moving average yesterday. 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 20 day average, which is 0.1 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone up 6 them.