CAD/JPY Down 17 Pips On Hourly Chart, Tops All Forex; Entered Today Up For the 2nd Straight Day

Hourly Update

(Last Updated April 29, 2022 1:40 GMT)

At the time of this writing, CADJPY’s rate is down -1670 pips (-0.16%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see an uptrend on the 20 and 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 up 208 pips (2.07%) since yesterday (opening today near 102.247), marking the 2nd straight day it has gone up. CADJPY outperformed all 39 assets in the Forex asset class yesterday. Congrats to its holders! Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that CADJPY is now close to its 20 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days.