(Last Updated August 26, 2021 0:16 GMT)
At the time of this writing, CADJPY’s rate is up 90 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CADJPY has now gone up 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 up 42 pips (0.48%) since the previous day (opening today near 87.095), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 9th the previous day in terms of percentage price change. Let’s take a look at price chart of CADJPY.
CADJPY Technical Analysis
Notably, CADJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 21.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days CADJPY’s price has gone down 16 them.