CADJPY Down 1 Pips On Hourly Chart, in an Uptrend Over Past 90 Days; is Inching Close to 50 Day Average

Hourly Update

(Last Updated April 26, 2021 3:17 GMT)

At the time of this writing, CADJPY’s rate is down -100 pips (-0.01%) from the hour prior. CADJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 entered today at 86.455, up 12 pips (0.14%) from the previous day. Out of the 39 instruments in the Forex asset class, CADJPY ended up ranking 14th for the day in terms of price change. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Coming into today CADJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 14 days CADJPY’s price has gone down 9 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADJPY, with 5 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The strong retracement of CAD and Weak of JPY could push this trading pair going up as in this idea. Hedge Fund added long position on CAD and Cut some Long on JPY. Risk Management must be applied. Facebook Page: MIG