CAD/JPY Down 118 Pips; in a Downtrend Over Past 14 Days

CAD/JPY Price Recap

The back and forth price flow continues for CAD/JPY, which starts today off at 79.152 US dollars, down 118 pips 1.47% from the previous day. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 8.83% from the day before — and down 6.42% from the same day the week before. Relative to other instruments in the Forex asset class, CAD/JPY ranked 38th yesterday in terms of percentage price change. Let’s take a look at price chart of CAD/JPY.

CAD/JPY Technical Analysis

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 200 day average, which is 286 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days CAD/JPY’s price has gone down 9 them.

A final note on correlations: in the recent most week, CAD/CHF has been the pair most correlated with CAD/JPY — not terribly surprising, given that CAD is in both currency pairs. As for pairs with the least correlation, that belongs to NZD/USD over the past 7 days, but NZD/CAD over a two week period.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 4 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.