CAD/JPY Down 270 Pips; in a Downtrend Over Past 30 Days

CAD/JPY Price Recap

The choppiness in the recent daily price action of CAD/JPY continues; to start today, it comes in at a price of 75.497 US dollars, down 270 pips (3.45%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 18.83% from the day prior, but up 326.12% from the same day the week before. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 38th for the day in terms of day-over-day price change. The price chart of CAD/JPY below illustrates.

CAD/JPY Technical Analysis

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 465.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days CAD/JPY’s price has gone down 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADJPY, with 17 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.31, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Watching this pair closely to push higher after seeing clear rejections of key levels and trendlines. This trade was broken down fully in my free telegram group:Free Telegram 👉👉 https://t.me/aslfxFree Telegram 👉👉 https://t.me/aslfx