CADJPY Down 2 Pips On Hourly Chart; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated October 8, 2021 10:16 GMT)

Currently, CADJPY’s rate is down -240 pips (-0.03%) from the hour prior. CADJPY has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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)

The back and forth price flow continues for CADJPY, which started today off at 88.966, up 49 pips 0.55% from the previous day. Relative to other instruments in the Forex asset class, CADJPY ranked 3rd the previous day 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, 50, 100 and 200 day averages, located at 87.1953, 87.2145, 88.2563 and 86.8214 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 71 pips away. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone up 7 them.