CAD/JPY Down 8 Pips On 4 Hour Chart, 2 Day Down Streak Broken; is Inching Close to 20 Day Average

CAD/JPY 4 Hour Price Update

Updated May 14, 2020 09:06 AM GMT (05:06 AM EST)

CAD/JPY is down 8 pips (0.1%) since the previous 4 hours (opening the current 4 hour candle near 75.76), marking the 7th candle in a row it has gone down. Relative to other instruments in the Forex asset class, CAD/JPY ranked 30th the previous 4 hours in terms of percentage price change.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/JPY entered today at 75.941, up 5 pips (0.06%) from yesterday. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 9th in terms of percentage change since yesterday. Let’s take a look at price chart of CAD/JPY.

CAD/JPY Technical Analysis

Coming into today CAD/JPY is now close to its 20 and 50 day averages, located at 76.1727 and 76.5691 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 9 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.41, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CAD/JPY OVERALL DOWNTREND .YOU CAN SEE IT .WAIT FOR DOWNTREND BREAKOUT .PENNANT MEANING DECREASING BULLISH AND BEARISH MOMENTUM ANALYSIS FOR DOWNTREND BECAUSE MOVING AVERAGE SHOWING DOWNTREND AND PRICE CHART SHOWING BEARISH MOMENTUM .