CAD/JPY Price Recap
CAD/JPY enters today at 83.611 in US dollars, down 10 pips (0.12%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 22.12% from the day prior, but down 3.34% from the same day the week before. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 17th for the day in terms of day-over-day price change. The price chart of CAD/JPY below illustrates.
CAD/JPY Technical Analysis
The first thing we should note is that CAD/JPY is now close to its 20, 50, 100 and 200 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 20 day average, which is 60.7 pips away. Volatility for CAD/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days CAD/JPY’s price has gone up 7 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADJPY, with 7 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.37, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we ; below is a short snippet from it to give you a taste.
reasons for long strong support found and wicks are showing that there is strong buying pressure coming in SL under the lowest wickTP at 61.8 fib