CADJPY Up 4 Pips On Hourly Chart, Moves Down For the 3rd Day In A Row; Crosses 50 Day Moving Average

Hourly Update

(Last Updated October 15, 2020 2:16 GMT)

At the time of this writing, CADJPY’s rate is up 420 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them with price now being above it. 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)

CADJPY is down 29 pips (0.36%) since the previous day (opening today near 79.967), marking the 3rd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 37th the previous day in terms of percentage price change. Below is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY crossed below its 50 day moving average yesterday. 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 50 day average, which is 3.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days.