CAD/JPY Down 2 Pips in Last 4 Hours, Moves Up For the 4th Day In A Row; Doji and Pin Bar Patterns Appearing on Chart

CAD/JPY 4 Hour Price Update

Updated May 21, 2020 12:44 AM GMT (08:44 PM EST)

The choppiness in the recent four-hour candle price action of CAD/JPY continues; to start the current 4 hour candle, it came in at a price of 77.361, down 2 pips (0.03%) since the last 4 hour candle. Out of the 37 instruments in the Forex asset class, CAD/JPY ended up ranking 24th for the four-hour candle in terms of price change.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/JPY is up 3 pips (0.04%) since the day prior (opening today near 77.354), marking the 4th day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 20th for the day in terms of price change. Here is a price chart of CAD/JPY.

CAD/JPY Technical Analysis

The first thing we should note is that CAD/JPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 30 days CAD/JPY’s price has gone up 17 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 16 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.45, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.