(Last Updated July 15, 2021 2:2 GMT)
Currently, CADJPY’s rate is down -120 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADJPY has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see downtrend 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 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)
CADJPY is down 46 pips (0.52%) since the day prior (opening today near 87.879), marking the 2nd consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 32nd for the day in terms of price change. Let’s take a look at price chart of CADJPY.
CADJPY Technical Analysis
Coming into today CADJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 50.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 6 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADJPY, with 0 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
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