CADJPY Up 1 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; Nears 20 Day Moving Average

Hourly Update

(Last Updated January 7, 2021 2:17 GMT)

At the moment, CADJPY’s rate is up 90 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 19 pips (0.23%) since yesterday (opening today near 81.237), marking the 2nd consecutive day an upward move has occurred. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 18th in terms of percentage change since yesterday. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Coming into today CADJPY is now close to its 20, 50 and 100 day averages, located at 80.9898, 80.3179 and 80.1445 respectively, and thus may be at a key juncture along those timeframes. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 8 them.