(Last Updated May 12, 2022 1:38 GMT)
At the moment, CADJPY’s rate is down -1850 pips (-0.18%) from the hour prior. This is the 2nd hour in a row CADJPY has seen its price head down. Regarding the trend, note that the strongest trend exists on the 100 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 down 11 pips (0.11%) since yesterday (opening today near 99.932), marking the 5th consecutive day a decline has happened. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 12th in terms of percentage change since yesterday. The price chart of CADJPY below illustrates.
CADJPY Technical Analysis
Coming into today CADJPY is now close to its 20 day moving averages, which may act as price barrier for the asset. Rangebound traders may wish to note that CADJPY is getting close to its upper bollinger band, which, when coupled with the lack of trend on a 14 day timeframe, may be an opportunity for short sellers. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone down 16 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADJPY, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Meanwhile we wait for the big bat pattern to materialize, at this moment there’s a butterfly pattern on a small time frame, because of it we know the market is behaviouring bearish. So we could look for bearish positions. Target would be the possible entry for our bat pattern.Do you have any other ideas? let me know on the comments.