CAD/JPY Down 19 Pips in Last Hour, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 17, 2022 1:41 GMT)

At the time of this writing, CADJPY’s rate is down -1880 pips (-0.18%) from the hour prior. This is the 2nd consecutive 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 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)

The choppiness in the recent daily price action of CADJPY continues; to start today, it came in at a price of 105.19, down 34 pips (0.32%) since the day prior. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 38th in terms of percentage change since the day prior. 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, 50 and 100 day averages, located at 107.8685, 107.4432 and 106.3738 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone down 15 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.