(Last Updated January 8, 2021 3:17 GMT)
At the time of this writing, CADJPY’s rate is up 240 pips (0.03%) from the hour prior. This is the 2nd straight hour CADJPY has seen its price head 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
CADJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
CADJPY is up 53 pips (0.65%) since the previous day (opening today near 81.766), marking the 3rd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 5th the previous day in terms of percentage price change. Below is a price chart of CADJPY.
CADJPY Technical Analysis
The first thing we should note is that CADJPY is now close to its 20, 50 and 100 day averages, located at 81.0167, 80.3694 and 80.1618 respectively, and thus may be at a key juncture along those timeframes. 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. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 9 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADJPY, with 3 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.43, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Greetings dear Traders this is my analysis for CADJPY and it is short.We can see on the chart that the price has touched the Resistance Line and it is going to a downtrend to the Support line.Also on the chart as we can how the price has reacted during these periods.Traders make your own analysis before trading.Please leave a Like,Comment and Follow!Thank you!