(Last Updated April 7, 2021 3:17 GMT)
Currently, CADJPY’s rate is down -1040 pips (-0.12%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADJPY has now gone down 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 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 73 pips (0.83%) since the previous day (opening today near 87.273), marking the 4th straight day a decline has happened. Relative to other instruments in the Forex asset class, CADJPY ranked 35th the previous day in terms of percentage price change. The price chart of CADJPY below illustrates.
CADJPY Technical Analysis
Notably, the current price of CADJPY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. For additional context, note that price has gone up 5 out of the past 10 days.