CAD/JPY Down 24 Pips in Last Hour, 7 Day Up Streak Broken; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 14, 2022 1:37 GMT)

Currently, CADJPY’s rate is down -2380 pips (-0.22%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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)

A moment of silence, please, for the end of CADJPY’s 7 day up streak; price ended the previous day down 41 pips (-0.37%) to finish the day at a rate of 109.52. Compared to its peers in the Forex, CADJPY gave its buyers a return that ranked 23rd in terms of percentage change since the previous day. Let’s take a look at price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days CADJPY’s price has gone up 7 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CADJPY; just 3 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Simple price action technical analysis based on SR, trend lines, and chart patterns.I have entered short, under the anticipation of a double bottom under development, after a very long up movement. It looks like the end of this up movement is to be reversed.This is a counter-trend trade.TP1 – Target 1 is at the first support line at 107.6TP2 – Target 2 is at the first support area, with potential for reversal.TP 3 – Final target, T3, is at 4RR to 105 area where we can see another potential reversal.SL above preview high.Trade Safe!