CAD/JPY Down 10 Pips in Last Hour, Moves Down For the 2nd Consecutive Day; Breaks Below 20 Day Average

Hourly Update

(Last Updated September 22, 2022 1:37 GMT)

At the time of this writing, CADJPY’s rate is down -990 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 92 pips (0.86%) since the day prior (opening today near 107.105), marking the 2nd consecutive day a decrease has occurred. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 31st in terms of percentage change since the day prior. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY crossed below its 20 day moving average yesterday. 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 30 days CADJPY’s price has gone up 15 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 3 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a moving average technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This Is An Educational + Analytic Content That Will Teach Why And How To Enter A TradeMake Sure You Watch The Price Action Closely In Each Analysis As This Is A Very Important Part Of Our MethodDisclaimer : This Analysis Can Change At Anytime Without Notice And It Is Only For The Purpose Of Assisting Traders To Make Independent Investments Decisions.