CAD/JPY Down 14 Pips Over Past Hour, Tops All Forex; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated November 2, 2022 1:38 GMT)

Currently, CADJPY’s rate is down -1440 pips (-0.13%) from the hour prior. CADJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 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 up 58 pips (0.53%) since the previous day (opening today near 109.1), marking the 3rd straight day an increase has occurred. CADJPY outperformed all 39 assets in the Forex asset class the previous day. Congrats to its holders! Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that CADJPY is now close to its 20 and 50 day averages, located at 107.492 and 107.2362 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone up 10 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 3 buy signals. This imputes a buy/sell ratio of 1.5, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Good day, this is my idea on cadjpy, I am buying this pair if breaks above the resistance level. Please leave comments…….