CAD/JPY Down 17 Pips Over Past Hour, Came Into Today Down For the 4th Day In A Row; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated August 2, 2022 1:37 GMT)

At the moment, CADJPY’s rate is down -1670 pips (-0.16%) from the hour prior. This is the 2nd straight hour CADJPY has seen its price head down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADJPY. Given that we see downtrend 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 down 33 pips (0.32%) since the day prior (opening today near 103.43), marking the 4th day in a row it has gone down. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 30th for the day in terms of price change. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

The first thing we should note is that CADJPY is now close to its 20, 50 and 100 day averages, located at 105.567, 104.49 and 101.7296 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 up over that time. For additional context, note that price has gone up 15 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.