CAD/JPY Down 28 Pips Over Past 4 Hours, Came Into Today Up For the 2nd Day In A Row; Eyes 20 Day Average

CAD/JPY 4 Hour Price Update

Updated March 25, 2020 01:38 PM GMT (09:38 AM EST)

The back and forth price flow continues for CAD/JPY, which started the current 4 hour candle off at 77.277, down 28 pips 0.36% from the last 4 hour candle. Relative to other instruments in the Forex asset class, CAD/JPY ranked 29th the last 4 hour candle in terms of percentage price change.

CAD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/JPY is up 7 pips (0.09%) since the day prior (opening today near 76.958), marking the 2nd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, CAD/JPY ended up ranking 18th for the day in terms of price change. Let’s take a look at price chart of CAD/JPY.

CAD/JPY Technical Analysis

Notably, the current price of CAD/JPY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 16.7 pips away. Volatility for CAD/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 17 out of the past 30 days. 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

Of note is that traders in aggregate have opinions on CADJPY, with 17 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 2.43, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.