CADJPY Down 2 Pips On Hourly Chart, 7 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated August 24, 2021 0:16 GMT)

At the time of this writing, CADJPY’s rate is down -220 pips (-0.03%) 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. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 7 down days, CADJPY snaps its streak, rising 5 pips (0.05%) over the past day to close at an exchange rate of 85.605. Relative to other instruments in the Forex asset class, CADJPY ranked 13th the day prior in terms of percentage price change. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Coming into today CADJPY is now close to its 20 and 200 day moving averages, which may act as price barrier for the asset. 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 9.3 pips away. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.