CADJPY Up 2 Pips Over Past Hour, 3 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated April 2, 2021 23:17 GMT)

At the time of this writing, CADJPY’s rate is up 160 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CADJPY has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

CADJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of CADJPY’s 3 day up streak; price ended the previous day down 1 pips (-0.01%) to finish the day at a rate of 88.164. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 26th in terms of percentage change since the previous day. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Notably, CADJPY is now close to its 20 day averages, located at 86.9336 respectively, and thus may be at a key juncture along those timeframes. Volatility for CADJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 18 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.