(Last Updated January 12, 2021 2:17 GMT)
At the moment, CADJPY’s rate is up 500 pips (0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 20 hour moving averages have been crossed, so that price is now turning above them. 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)
A moment of silence, please, for the end of CADJPY’s 4 day up streak; price ended the previous day down 33 pips (-0.41%) to finish the day at a rate of 81.54. Relative to other instruments in the Forex asset class, CADJPY ranked 32nd the previous day in terms of percentage price change. Here 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 81.0328, 80.5023 and 80.1915 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 14 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 10 them.