CAD/JPY Down 21 Pips On Hourly Chart, Entered Today Up For the 2nd Day In A Row; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated August 5, 2022 1:39 GMT)

Currently, CADJPY’s rate is down -2110 pips (-0.2%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADJPY has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 up 70 pips (0.68%) since yesterday (opening today near 104.28), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, CADJPY ranked 7th yesterday in terms of percentage price change. The price chart of CADJPY below illustrates.

CADJPY

CADJPY Technical Analysis

Notably, the current price of CADJPY is sitting close to its 20, 50 and 100 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone down 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.