(Last Updated June 7, 2021 3:17 GMT)
At the time of this writing, CADJPY’s rate is down -1010 pips (-0.11%) from the hour prior. This is the 2nd hour in a row CADJPY has seen its price head down. 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 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)
The back and forth price flow continues for CADJPY, which started today off at 90.657, down 42 pips 0.46% from yesterday. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 32nd for the day in terms of price change. The price chart of CADJPY below illustrates.
CADJPY Technical Analysis
Notably, CADJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for CADJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 14 days CADJPY’s price has gone down 8 them.