CAD/JPY Down 13 Pips in Last Hour, Came Into Today Down For the 2nd Day In A Row; Nears 20 Day Moving Average

Hourly Update

(Last Updated November 10, 2022 1:47 GMT)

Currently, CADJPY’s rate is down -1300 pips (-0.12%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADJPY has now gone down 8 of the past 10 hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see downtrend on the 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)

CADJPY is down 10 pips (0.09%) since yesterday (opening today near 108.36), marking the 2nd day in a row a decline has happened. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 18th in terms of percentage change since yesterday. Below is a price chart of CADJPY.

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. Volatility for CADJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Traders interested in playing the ranges may wish to consider that the unclear trend on the 14 day chart, coupled with price being close to the upper bollinger band may be signalling a short opportunity. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 5 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CADJPY; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

possibe fall to 107 area as were seeing resistance getting hit what do you guys think?