CADJPY Down 11 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 13, 2021 2:17 GMT)

Currently, CADJPY’s rate is down -1050 pips (-0.13%) from the hour prior. This is the 2nd straight hour CADJPY has seen its price head down. 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 downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 hour changed directions on CADJPY; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 back and forth price flow continues for CADJPY, which started today off at 81.606, up 7 pips 0.08% from the previous day. Out of the 40 instruments in the Forex asset class, CADJPY ended up ranking 20th 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 the current price of CADJPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone up 19 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!