CAD/JPY Down 21 Pips Over Past 4 Hours, is Inching Close to 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart

CAD/JPY 4 Hour Price Update

Updated July 10, 2020 09:17 AM GMT (05:17 AM EST)

CAD/JPY is down 21 pips (0.27%) since the previous 4 hours (opening the current 4 hour candle near 78.498), marking the 2nd candle in a row a decrease has occurred. Relative to other instruments in the Forex asset class, CAD/JPY ranked 36th the previous 4 hours in terms of percentage price change.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for CAD/JPY, which started today off at 78.957, up 5 pips 0.06% from the day prior. Compared to its peers in the Forex, CAD/JPY gave its buyers a return that ranked 6th in terms of percentage change since the day prior. The price chart of CAD/JPY below illustrates.

CAD/JPY Technical Analysis

Coming into today CAD/JPY 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 6.6 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. Or to simplify this another way, note that out of the past 10 days CAD/JPY’s price has gone up 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 12 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.86, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Buying the dips. Bullish Engulf, Counter TrendlineMA