(Last Updated March 25, 2021 1:17 GMT)
At the time of this writing, CADJPY’s rate is up 980 pips (0.11%) 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. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 hour moving averages, resulting in them so that price is now turning above them. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
CADJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CADJPY is down 70 pips (0.81%) since yesterday (opening today near 86.171), marking the 4th day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 27th 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 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for CADJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days.