CADJPY Up 10 Pips Over Past Hour; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated September 8, 2021 12:15 GMT)

Currently, CADJPY’s rate is up 1040 pips (0.12%) from the hour prior. The hourly chart shows that CADJPY has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 and 10 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)

The back and forth price flow continues for CADJPY, which started today off at 87.21, down 42 pips 0.47% from the previous day. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 37th in terms of percentage change since the previous day. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, the current price of CADJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 10.5 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 14 days CADJPY’s price has gone up 9 them.