CAD/JPY Down 25 Pips On Hourly Chart, Moves Down For the 3rd Consecutive Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 16, 2022 1:38 GMT)

At the moment, CADJPY’s rate is down -2470 pips (-0.23%) from the hour prior. CADJPY has seen its price go down 12 out of the past 14 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADJPY. Given that we see downtrend on the 20, 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 down 21 pips (0.19%) since the previous day (opening today near 108.86), marking the 3rd consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, CADJPY ranked 28th the previous day in terms of percentage price change. Here is a price chart of CADJPY.

CADJPY

CADJPY Technical Analysis

Coming into today CADJPY is now close to its 20 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 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.