(Last Updated June 10, 2021 7:17 GMT)
At the moment, CADJPY’s rate is down -220 pips (-0.02%) 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. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)
After 3 down days, CADJPY snaps its streak, rising 12 pips (0.13%) over the past day to close at an exchange rate of 90.492. Relative to other instruments in the Forex asset class, CADJPY ranked 12th yesterday in terms of percentage price change. The price chart of CADJPY below illustrates.
CADJPY Technical Analysis
First things first: CADJPY crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 6 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on CADJPY, with 1 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.